news.cuna.org/articles/117147-compliance-cunas-2019-year-in-review-now-available

Compliance: CUNA’s 2019 Year in Review now available

January 21, 2020

CUNA’s 2019 Year in Review is now available, recapping the year in finalized rules and amendments that affect credit unions. CUNA’s 2019 Year in Review Checklist will be released on CUNA’s CompBlog in the coming days.

Each entry, sorted by topic, includes a summary of the changes that occurred in 2019, as well as links to CUNA’s compliance resources on the topic, including related CompBlog posts and links to the regulations themselves.

The document also includes links to federal agency resources, including Consumer Financial Protection Bureau (CFPB) supervisory highlights and NCUA letters to credit unions and supervisory letters.

Consumer lending

  • NCUA final rule on the agency’s Payday Alternative Loan (PAL) program;
  • CFPB’s final rule delaying the short-term, small-dollar rule to November 2020;
  • CFPB final rule on Regulation M exemption for consumer lease transactions; and
  • CFPB final rule on Regulation Z exemptions from consumer credit transactions.

Real estate lending

  • NCUA final rule on real estate appraisals for non-residential real estate transactions;
  • CFPB final rule updating Regulation Z thresholds for open-end and closed-end credit plans under the Truth in Lending Act;
  • CFPB final rule updating Regulation Z exemption threshold for higher-priced mortgage loans;
  • CFPB final rule on Home Mortgage Disclosure Act thresholds;
  • NCUA final rule on private flood insurance; and
  • Federal Housing Finance Agency final rule on uniform mortgage-backed securities.

Deposit accounts

  • Federal Reserve changes to dollar amounts under Regulation CC.

Operations

  • NCUA final rule on regulations governing supervisory committee audits;
  • Department of Labor final rule updating overtime earnings thresholds;
  • NCUA final rule on fidelity bond coverage;
  • NCUA final rule on federal credit union bylaws;
  • CFPB interpretive rule on screening and training requirements for mortgage loan originators with temporary authority;
  • Federal Reserve final rule amending Regulation D reserve requirement exemption amount and low reserve tranche;
  • Federal Reserve final rule revising rate of interest paid on balances maintained to satisfy reserve requirements and rate of interest paid on excess balances at Federal Reserve Banks;
  • Federal Reserve final rule amending Regulation A extensions of credit by Federal Reserve Banks to depository institutions; and
  • NCUA final rule on public unit and nonmember shares.

Other items covered include:

  • The one-year delay of the current expected credit loss (CECL) standard; and
  • The one-year delay of NCUA’s risk-based capital rule

In addition to the CompBlogCUNA’s Compliance Community contains discussion boards and a number of other resources for credit union compliance professionals around the country.