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.
For New Credit Union Compliance Officers: Advice from the Front Line (31:05 minutes)
Being new to compliance can be overwhelming. Not only do you have to understand the basics of a wide range of regulations, but compliance is deeply rooted in everything your credit union touches - every product, service and department. That load is complex and scary.
This session is narrated by Colleen Kelly, CUNA's senior assistant general counsel for federal compliance, and is designed to give valuable information and advice to those new to the credit union compliance arena. We’ve asked compliance officers all over the country to share their expert advice with you. You will find this compilation resourceful.
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.