The CFPB released its Winter 2017 Supervisory Highlights recently, detailing issues currently on the bureau’s radar, as well as enforcement trends credit unions should be mindful of, most notably UDAAP in auto loan servicing, mortgage servicing and deposits.
The NCUA, along with other federal financial regulators, has posted a FAQ document on the CECL standard. CUNA has called on NCUA to provide credit unions with resources on CECL to aid in implementation.
Last week the FFIEC published a guide with information on HMDA reporting for data collected in 2019 and the CFPB published HMDA Modified Loan Application registers for approximately 5,400 financial institutions.
The CFPB released a new Elder Financial Exploitation report this month, based on data obtained from Suspicious Activity Reports filed between 2013 and 2017. It will conduct a webinar April 9 highlighting the findings of the report.
The CFPB announced a streamlined electronic submission system for prepaid account issuers to submit their account agreements last week. Prepaid issuers can now register for the system, the rule becomes effective April 1.
The CFPB last week released a small entity compliance guide for its short-term, small-dollar loan rule. The guide highlights information that may be helpful when implementing the payment-related questions of the rule.
CUNA’s 2018 Year-in-Review Checklist was released last week to consolidate resources and information available on the finalized rules and regulations that occurred during calendar year 2018 to assist credit unions in updating necessary policies and procedures.
The CFPB issued an updated frequently asked questions document in late January for its TRID rule. The questions cover the timing of the Closing Disclosure requirement and safe harbor when using model forms.