REGular Blog
In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Comments on Operating Fee Methodology, Robocalls Due in September
August 24, 2023Comments are due in late August and September for several proposals and requests for information of interest to credit unions.
- League's Blau Featured in Podcast 'With Flying Colors'
August 22, 2023Our Chief Advocacy Officer J.T. Blau is featured in this week's episode of "With Flying Colors". Here is what he has to say about it. "I recently sat down with Mark Treichel to record this podcast on the NCUA's new member expulsion rule...
- REGular Blog: New Guidance for Credit Unions on the Cyber Incident Rule
August 15, 2023On Monday, the NCUA released Letter to Credit Unions 23-CU-07, titled Cyber Incident Notification Requirements. The letter provides guidance to credit unions on how to comply with the requirement that NCUA be notified within 72 hours when a credit union experiences a reportable cyber incident. The new requirement goes into effect on September 1, so credit unions should be reviewing this guidance and the rule as they update their procedures.
- NCUA Letter to Credit Unions (23-CU-07): Cyber Incident Notification Requirements
August 14, 2023Beginning on Sept. 1, 2023, all federally insured credit unions must notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.
- REGular Blog: More Developments in CFPB Court Cases
August 11, 2023We wrote last week about a Texas court that issued an injunction to stop the implementation of the CFPB's Section 1071 Rule. This rulemaking would impose additional reporting requirements on lenders who make a certain number of loans to small businesses. The reason for the injunction was that the Supreme Court will soon hear arguments on the Fifth Circuit's ruling that the CFPB's funding structure is unconstitutional, and the Texas court ruled that the CFPB cannot enforce the rule against the plaintiffs in their case until the Supreme Court rules in their case. There were a couple of related developments this week.
- Comment Period on Quality Control Standards for AVMs Proposed Rule Closes August 21
August 11, 2023Stakeholders have until August 21 to submit comments on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans.
- CUs Urge Parity by Filing Motion to Intervene in District Court 1071 Ruling
August 11, 2023CUNA, working together with the Cornerstone League and Rally Credit Union, is taking action to broaden a court decision so credit unions have parity in an injunction to stop implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Rule. The CFPB’s rulemaking requires financial institutions to make additional reporting for small business loans.
- Regulatory Compliance Weekly Roundup: Aug. 4, 2023
August 4, 2023While the weather may have been cooler this week, the action in the regulatory compliance world has stayed hot! Here's a quick rundown of some of the recent news coming out of the NCUA, CFPB, and more.
- TRGroup, Virginia League Plan Compliance Conference This September
August 4, 2023The TRGroup Compliance and Risk Management Conference & the TRGroup Human Resources Conference, are being held jointly Sept. 27 and 28 in Nashville, Tenn. Just added to the Compliance Conference session lineup: FCRA Compliance (David Reed, Reed & Jolly PLLC); Payment Systems Compliance (Roger Nettie, Regional Electronic Payment Systems Specialist with NCUA); NCUA Part 748 Incident Response (Josh Walton, Regional Information System Office with NCUA); 2023 Compliance Hot Topics (Jamin Carlisle, AUX); and Key Audit Findings in Compliance Audits (Marcus King, CU Audit & Compliance Group).
- Federal Financial Institutions Examination Council Releases Updates to Bank Secrecy Act/Anti-Money Laundering Examination Manual
August 2, 2023Today the FFIEC issued updates to 6 chapters of their BSA/AML Examination Manual. This was more of an organizational update than a substantive one. In their press release, the Federal Reserve notes that there “were no changes to the regulatory requirements covered by these sections.” Of the six sections that were updated, the one that will pertain most to credit unions is Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity, which covers procedures for 314(a) and 314(b) information sharing.
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