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News Now

Washington
Compliance What does RegFlex end mean
WASHINGTON (6/6/12)--What the National Credit Union Administration's (NCUA) decision to eliminate the regulatory flexibility (RegFlex) program means for federal credit unions is one of the many issues tackled in the June edition of the Credit Union National Association's (CUNA) CompBlog Monthly Wrap-Up.

The NCUA last month voted to eliminate the RegFlex program, extending the enhanced management and investment rights offered under the program to the 1,770 credit unions that were not covered under the RegFlex designation. While the good news is this move eliminated a regulation, CUNA staff noted that NCUA examiners may not be tolerant of financially troubled credit unions that make charitable donations.

The CompBlog Wrap-Up also cautions credit unions that, although they may be exempt from the NCUA's new interest rate risk (IRR) management rule, they should still be prepared to answer IRR questions from examiners. Credit unions that are writing IRR policies for the first time will find some ideas on how best to get started.

Other issues addressed in this month's Wrap-Up include:

  • The Consumer Financial Protection Board's continuing work on mortgage forms and regulations;
  • Recently introduced legislation that would address ATM disclosures, credit relief for servicemembers, and consumer privacy disclosures; and
  • Regulation E changes that could impact prepaid cards.
Information on an upcoming CUNA audio conference on compliance issues and new training programs is also provided in the Wrap-Up.

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


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