CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Regulatory compliance hot topics
Compliance

Regulatory compliance hot topics

A rollback in regulatory relief may increase credit unions’ regulatory burden.

September 24, 2021
Bill Merrick
No Comments
Regulatory compliance hot topics
“The regulatory pendulum has shifted significantly,” says Jared Ihrig, CUNA’s chief compliance officer.

Democratic control of the White House, Senate, and House of Representatives has created a new climate for regulation, says Jared Ihrig, CUNA’s chief compliance officer.

The resulting rollback in regulatory relief reforms may increase credit unions’ regulatory burden and heighten regulators’ focus on equitable and inclusive financial services, says Ihrig, who addressed the 2021 CUNA Operations & Member Experience and CUNA Technology Council Virtual Conference.

2021 CUNA Operations & Member Experience Council and CUNA Technology Council Virtual Conference

2021 CUNA Operations & Member Experience Council and CUNA Technology Council Virtual Conference

“The pendulum has shifted significantly,” he says.

President Biden’s top priorities are recovery from the pandemic and restart of the economy, and early initiatives will be tied to these efforts, Ihrig says. While credit unions need to watch for provisions that add regulatory burden, they may find opportunities to expand powers or acquire additional tools to serve and assist members.

He says regulators are closely scrutinizing environmental, social, and governance criteria in how financial institutions conduct business and manage relationships with employees, customers, suppliers, and the communities they serve.

NCUA’s supervisory priorities for 2021, Ihrig says, include:

  • Allowance for loan and lease losses accounts.
  • Bank Secrecy Act/anti-money laundering reviews.
  • Current expected credit losses.
  • CARES Act compliance.
  • COVID-19 pandemic considerations as they relate to consumer lending.
  • Credit risk management.
  • Cybersecurity risk and information system management.
  • LIBOR (London Interbank Offered Rate).
  • Hemp-related businesses.

KEYWORDS #TechOME Conference CUNA OME Council CUNA Technology Council NCUA

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • CUNA launches page with bank collapse response resources

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which Midwest Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us