WASHINGTON (12/21/15)--Credit unions and CUNA saw a victory earlier this month when several regulatory relief provisions were included in the long-term federal highway bill. Now that those three provisions are law, when do they become effective and when should credit unions be prepared to make changes?
The three provisions included in the Fixing America’s Surface Transportation (FAST) Act (H.R. 22) are: modernizing privacy notification requirements; allowing privately insured credit unions to become members of the Federal Home Loan Bank (FHLB) system and directing the Consumer Financial Protection Bureau (CFPB) to establish a process for determining whether an area should be designated as rural.
CUNA’s compliance staff has done a deep dive into those provisions to examine when the changes will take effect, and what credit unions should know.
Privacy notice modernization:
CUNA will be discussing this issue with regulators over the coming days to clarify additional questions.
Allowing privately insured credit unions into the FHLB system:
Lending practices in rural communities:
The next "Compliance Monday" story will run in the Jan. 11 issue of News Now.