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.