MADISON, Wis. (5/18/09)--The Credit Union National Association (CUNA) is conducting an audio conference Thursday on “Pressing Credit Union Compliance Issues.” The conference will address current hot compliance topics and give participants a heads up on pending regulation. On the call will be a panel of experts from CUNA Washington and guest speakers. Participants will have an opportunity to ask questions about the topics discussed. CUNA is adding a session to the conference dealing with what the National Credit Union Administration (NCUA) does at its Thursday morning meetings on finalizing Fair and Accurate Credit Transactions Act (FACTA) accuracy rules, acording to Kathy Thompson, CUNA senior vice president and associate general counsel. Also discussed will be what the recent court ruling on unrelated business income tax means to credit unions. The conference will have two parts. Part I: Areas Currently Requiring Special Attention by Credit Unions will tell participants how to:
* Find out the impact of the Fed's final Reg Z open-end credit rule on multi-featured open-end lending plans; * Learn how the National Automated Clearing House (ACH) International ACH Transaction Rule will aid in compliance with Office of Foreign Assets Control regulations; * Get an update on recent guidance issued by the Financial Crimes Enforcement Network - FIN-2009-G001: the 50% annual gross revenue limitation for Phase II exemptions; and FIN-2009-A001: Reporting Loan Modification/Foreclosure Rescue Scams on the suspicious activity report; * Determine what examiners expect to find in a credit union's disaster recovery and business continuity program; * Learn about Reg Z's new disclosure requirements for mortgage loans (effective July 30); * Review amendments to Reg Z advertising rules for mortgage loans (effective Oct. 1); * Question-and-answer period on the topics covered in Part I.
Part II: Quick Overview of Other Compliance Issues Coming Down the Pike will cover:
* Fed's final and NCUA's proposed amendments to Truth in Savings regulations on overdraft protection; * Fed’s proposed amendments to Reg E addressing overdrafts resulting from ATM and debit card transactions;
* Credit Cards:
* Fed's proposed amendments to open-end credit rules under Reg Z; * The NCUA's proposed amendments to the Unfair or Deceptive Acts or Practices Rule; * Credit card legislation;
* Mortgage reform legislation; * Possible suspension of new Real Estate Settlement Procedures Act rules;
* Fair and Accurate Credit Transactions Act (FACTA):
* Federal Trade Commission enforcement delay of the identity theft red flags rule; * Status of FACTA accuracy and direct dispute regulations;
*Other notable legislative and regulatory developments:
* Deposit insurance, Internet gambling, Community Reinvestment Act, mortgage staff registration, and more; * Question-and-answer period on the topics covered in Part II.
For more information, use the link.