The compliance burden will only get heavier in the coming year. In fact, 2013 will be busier than 2012, due to the onslaught of Consumer Financial Protection Bureau (CFPB) mortgage rules.
Your credit union should develop a compliance management system to address this overwhelming workload—the “new normal”—in an efficient way. The CFPB offers the most helpful guidance on creating a compliance management system, which consists of:
• Board of directors and management oversight, which will affect strategic planning;
• A compliance program that includes universal staff training and consistent monitoring;
• An overarching framework for responding to all consumer complaints; and
• Audit coverage of all compliance-related issues.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
There's still time to register for Tuesday's free Member Activation Program webinar for MAP credit unions and those who want to learn more about MAP, which will include an update on CUNA’s Campaign for Common-Sense Regulation.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.