Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance Remittance rate-risk changes on the way
WASHINGTON (7/6/12)--Details on the Consumer Financial Protection Bureau's (CFPB) upcoming remittance regulation, and the National Credit Union Administration's (NCUA) pending interest rate risk (IRR) rules, are among the items covered in the June edition of the Credit Union National Association's (CUNA) CompBlog Monthly Wrap-Up.

The June edition of the Wrap-Up was published on July 2.

The remittance and IRR info, Bank Secrecy Act e-filing news and compliance dates for the NCUA's new Troubled Debt Restructuring regulation are all covered in a new occasional CompBlog Wrap-Up feature, known as Compliance Shorts.

The "Compliance Shorts" column also prepares credit unions for compliance challenges coming in the next year, including changes to Regulation B adverse action notices, Regulation V risk-based pricing model forms, and Regulation Z credit card application and solicitation model forms.

Click for slide showCUNA's CompBlog Wrap-Up also periodically features cartoons that mix comedy and compliance issues.
CUNA in the Wrap-Up notes that credit unions with more than $10 billion in assets will be required to amend their Reg B adverse action notices to list the CFPB as the agency that examines them for Equal Credit Opportunity Act (ECOA) compliance. This change will need to be made by January 1, 2013.

State-chartered credit unions will not need to make this change, and federal credit unions should list the NCUA's Office of Consumer Protection as their ECOA examiner on these forms, CUNA adds.

The Reg V and Reg Z changes are also simple, and merely involve adding CFPB information to the forms. These changes will also need to be made by Jan. 1, 2013, CUNA said.

This edition of the Wrap-Up features a list of CUNA training programs to prepare credit unions for a myriad of coming compliance conundrums, and to educate credit union staff on some general credit union/finance industry issues.

The question-and-answer section of the Wrap-Up highlights questions addressed by CUNA's compliance staff in the CompBlog during the month of June.

For more of CUNA CompBlog's monthly Wrap-Up, and other compliance gems, use the resource links.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
8 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
8 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
11 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
12 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
13 hours ago