CUNA’s compliance staff continues its deep dive into requirements under the changed Military Lending Act, as well as answering questions that come from credit unions trying to ensure they remain in compliance.
As questions continue to arise regarding the changes to the Military Lending Act, CUNA is not only submitting guidance language at the Department of Defense’s request, but also answering questions from credit unions.
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.
The CFPB released several new resources relating to HMDA implementation, including updating the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the reporting process and through which they can file.