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CUNA Pressing Compliance Updates

This year’s compliance concerns have hit the ground running, from a high volume of NCUA and CFPB proposals to data security and the new era of payments. In this series of updates, CUNA's compliance experts will breakdown the whirlwind of new and upcoming regulations to give listeners a concrete, straightforward analysis of today’s most relevant compliance news and its significance.

CUNA’s Compliance Update - Mortgage Lending Rules (22:15 minutes)
Already, the 2014 regulatory environment has created numerous mortgage lending questions for compliance professionals nationwide. During this update, you’ll hear the experts in mortgage lending compliance answer some of those questions, including:

  • TILA/RESPA Integrated Disclosures: Prepare your credit union for the upcoming RESPA Good Faith Estimate (GFE) and the “early” Truth in Lending disclosures and accompanying regulations.
  • HMDA Pre-Proposal: Stay up to date on the CFPB’s possible plans for changes to Regulation C (HDMA), including collecting data beyond what’s required by the Dodd-Frank Act.
  • Flood Insurance: Study the ramifications of the recently enacted Homeowner Flood Insurance Affordability Act of 2014 and the proposed interagency regulations that will need to be modified to reflect the escrow changes.
  • A Sampling of Recent Mortgage Questions: Get the answers to whether a member can opt out of receiving periodic statements for closed-end mortgage loans, which key provisions in the CFPB’s Mortgage Lending Rules apply to HELOCs, and more.

CUNA’s Compliance Update – NCUA (22:52 minutes)
The NCUA has been anything but idle lately, and chances are your credit union will be affected by one or more of the recent rules and proposals. During this update, you’ll hear regulatory advice and forecasts as compliance experts address the following topics:

  • Liquidity: Get down to the gritty details of NCUA’s new regulation requiring all federally insured credit unions to have liquidity and contingency funding plans in place – in effect as of March 31.
  • Credit Union Service Organizations (CUSOS): Learn about the upcoming NCUA-ordered CUSO contract amendments for federally insured credit unions, new requirements on CUSOs to provide “basic registration information”, and the additional provisions for state chartered credit unions.
  • Risk-Based Capital Proposal: Form an opinion on NCUA’s proposed change to many of the risk-weights that now apply to asset classifications, and submit comments to NCUA by May 28, 2014.
  • Appraisals: Assess the newly proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs).
  • Fair Lending: Make sure your fair lending compliance efforts meet NCUA expectations, from policies and procedures to audit, review and oversight by management and the board of directors.

CUNA’s Compliance Update – Bank Secrecy Act & OFAC (16:07 minutes)
Each year, compliance under the Bank Secrecy Act (BSA) and OFAC grows more volatile and complicated. During this hot topic update, you’ll hear insights and advice from the experts on the BSA’s recent role in:

  • Money Service Business Accounts (MSBs): Learn the minimum due diligence requirements your examiner will be looking for during your next exam.
  • Marijuana Dispensary Accounts: Navigate the risky dichotomy between state and federal laws for financial institutions that want to serve marijuana dispensaries.
  • Customer Due Diligence: Gain insight on FinCEN’s “soon to be issued” customer due diligence proposal.
  • OFAC’s New Foreign Sanction Evaders List: OFAC is targeting a number of individuals and entities in several countries for evading U.S. sanctions.

CUNA’s Compliance Update – Other Federal Regulatory Issues (31:54 minutes)
We know what you’re thinking: What about Target? Not to worry - during this update, you’ll hear the action-oriented answers to all of today’s most relevant regulatory questions, such as:

  • Data Security: Explore the compliance issues and legislative inquiries raised by recent large scale data breaches at major retailers and what should be changed to address the growing problem of point-of-sale (POS) malware attacks.
  • Foreign Account Tax Compliance Act (FATCA): Determine whether new regulations will affect your credit union.
  • Interchange: Get the details on the U.S. Court of Appeals’ unanimous reversal of a U.S. District Court decision to rule the Fed debit card interchange rules in violation of the Durbin Amendment to the Dodd-Frank Act.
  • Payday Lending: Analyze the payday loan report that made the CFPB consider new rules to avoid loan renewal fees amounting to higher values than the money originally borrowed.
  • CFPB Tests Model Prepaid Card Disclosures: See what the CFPB has in store for standardizing prepaid card disclosures and general purpose reloadable (GPR) prepaid card products.
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