Removing Barriers Blog

NCUA Hosts Consumer Compliance Webinar
Posted November 19, 2019 by CUNA Advocacy

The NCUA Office of Consumer Financial Protection (OCFP) hosted a webinar titled “Fair Lending and Consumer Compliance Regulatory Update.” The webinar will be closed captioned and then archived online here approximately three weeks following the live broadcast.

During the presentation, staff noted observations made during the agency’s 2018 and 2019 reviews of HMDA and Regulation B. The webinar also addressed the recently-finalized PAL II program, developments in identifying and reporting elder financial abuse, and the agency’s consumer compliance-related resources.

  • HMDA: NCUA discussed field staff observations made in 2018 and 2019 during limited scope reviews of FCU’s HMDA Loan Application Registers (LARs), including several common compliance errors.
  • Reg B: NCUA discussed the 2019 reviews of FCU’s compliance with Regulation B Adverse Action Notice requirements. Staff highlighted several common compliance issues and the potential CMS deficiency (training, compliance audits, etc.)
  • Elder Financial Abuse: NCUA walked through the immunity provisions adopted in the S. 2155 regulatory relief bill and emphasized the resources available to credit unions.
  • PAL II Final Rule: NCUA explained the new rule and noted the agency is working on PAL II guidance for federal credit unions.

Via this link you can find a PDF of the slides from the webinar.