Regulatory & Legislative Affairs Specialist
There is so much going on in the compliance world, it’s hard to keep up. The CFPB is issuing proposed rules, final rules and revisions to those final rules. The NCUA is issuing final rules and requesting comments on new, proposed rules. All the while, credit unions also have to stay on top of changes coming out of the Federal Trade Commission, FinCEN and the Joint Agencies, just to name a few. In this regulatory environment, it is a challenge for credit unions of all asset sizes to stay on top of the changes.
Finding resources that can assist credit unions with the changes in this regulatory environment is a key ingredient for compliance. Here are some topic and agency-related resources that small-asset-size credit unions can use to help stay on top of the mountain of changes in regulation.
CFPB Mortgage Rule Implementation Page, which includes links to small-entity compliance guides, a list of rural and underserved counties and compliance videos.
International Remittance Transfers
The CFPB created a Remittance Transfer Rule page, which also contains a compliance guide and video to help credit unions comply with the new requirements of the rule, which take effect on Oct. 28.
Financial Crimes Enforcement Network (FinCEN) – BSA E-Filing
The BSA E-Filing System page on FinCEN’s website includes frequently asked questions along with resources for supervisory and general users of the E-Filing system, with which credit unions are now required to comply.
Children’s Online Privacy Protection Act
There were some changes made by COPPA which became effective on July 1. If your credit union has a website, make sure you take a look at the frequently asked questions to see if any updates to your disclosures and the collection of information from your website need to be amended.
The NCUA recently introduced a new search engine for credit unions to help get answers to their frequently asked questions. The search engine is located on the NCUA page for the Office of Small Credit Union Initiatives. From this page, there are also video and webinar resources.
The NCUA is also launching new videos and webcasts, which can be found here. Some of the videos include economic updates, virtual town hall meetings, and credit union collaborations.
The Federal Reserve publishes the Consumer Compliance Outlook dedicated to consumer compliance issues. Credit unions can sign up to receive an email notification of this publication, along with additional resources such as audit conferences and webinars.
The CFPB’s Regulation page provides all of the final rules issued by the CFPB, along with a link to the regulations currently under their purview.
Federal Financial Institutions Examination Council
The FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System, FDIC, NCUA, Office of the Comptroller of the Currency and CFPB. There are valuable resources for credit unions on the FFIEC website including HMDA information and the rate spread calculator.
Department of Insurance and Financial Services
The DIFS Office of Credit Unions website is a central location that includes a link to the Michigan CU Act and other Michigan credit union statutes. The website also includes the Board of Directors Guide, credit union FAQs and credit union letters and bulletins.
CUNA’s website also provides an E-Guide to federal laws and regulations. Included within the relevant law or regulation is a summary, latest developments, regulations, resources and FAQs.
In addition to these resources, MCUL & Affiliates provides compliance resources on its League InfoSight page. The InfoSight page provides compliance summaries, checklists, direct links to laws and regulations, FAQs and links to CUNA’s compliance resources mentioned above. If it isn’t one of your Internet “favorites,” it should be. Through League InfoSight, credit unions can also sign up to have access to PolicyPro, which provides templates for credit union policies.
Last, but not least, since the list of compliance resources could go on and on, the MCUL provides the Compliance Helpline – (800) 262-6285, ext. 150, or email@example.com for league members to provide assistance in conducting research and answering compliance questions.