The final rule on customer due diligence will be published in the Federal Register next week, making it effective within 60 days of publication. The compliance date for the rule won’t be until May 11, 2018.
A hot-topic panel of experts at CUNA's spring Regulatory Compliance School covered the Federal Communications Commission’s Telephone Consumer Protection Act and remote deposit capture, among other compliance 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.
CUNA compliance staff recently responded to a query if credit unions are required to disclose the numerical value of the military annual percentage rate to borrowers covered under the Military Lending Act.
At the CUNA Regulatory Compliance School last week, compliance staff from around the country compared notes on how to spot elder financial abuse and protect members, all while abiding by privacy requirements.
WASHINGTON (3/28/16)--With the National Credit Union Administration’s member business lending rule finalized, all that’s left is for credit unions to gain an understanding of how the rule will affect them. CUNA's compliance staff has put together a CompNote on the rule, which is now available.
WASHINGTON (3/21/16)--Recent guidance involving money services businesses (MSB) does not directly affect credit unions, but a strong understanding of MSB accounts’ compliance responsibilities will reflect positively on your level of due diligence, according to CUNA compliance staff.
With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.
The NCUA’s Tuesday announcement that it will repay the U.S. Treasury in full is a good sign for credit unions, said CUNA Chief Policy Officer Bill Hampel. The agency will repay the $1 billion outstanding balance before Oct. 31.