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.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.