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Washington
iComp Blogi roundup Latest on NCUA CFPB changes
WASHINGTON (4/4/12)--In the March edition of the Credit Union National Association's CompBlog Monthly Wrap Up, CUNA presents a new list of compliance questions that credit union CEOs should ask members of their staff.

Among the items addressed in this month's list are:

  • Forms and notices that credit unions will need changes if they do mortgage lending, provide risk-based price notices, offer credit cards, and file currency transaction reports or suspicious activity reports;
  • Concerns about how employees and volunteer credit union board members handle confidential information; and
  • The compliance burden of new remittance transfers rules--and a possible exemption.
The March update also highlights some notable upcoming events, including an upcoming Senate vote on legislation that would increase the credit union member business lending cap. The CompBlog update urges all credit unions – even those not involved in MBLs – to make their voices heard in Congress about the need to allow credit unions to better serve businesses.

The CompBlog update also notes some Letters to Credit Unions that are expected to be issued in the near future, as well as a recent NCUA Letter to Credit Unions (No. 12-CU-03) that reminds credit unions that the Temporary Corporate Credit Union Share Guarantee expires on Dec. 31, 2012.

As a result, effective Jan. 1, 2013, National Credit Union Share Insurance Fund coverage on deposits in corporate credit unions will once again be limited to the standard maximum amount of $250,000.

The monthly wrap-up also features effective dates, various new requirements, important compliance articles, and upcoming CUNA training programs.

For more of CUNA CompBlog's monthly wrap up, and other compliance gems, use the resource links.


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