Oct. 23, 2012 – Credit unions are coming up against three key deadlines for compliance with seven different regulatory requirements, among them the annual registration renewals for mortgage loan originators.
The compliance deadlines are listed in the October issue of NAFCU’s Compliance Monitor. In addition to SAFE Act mortgage loan originator registration renewals, due Dec. 31, are:
- Share insurance coverage: Dec. 31 is the expiration date for the Dodd-Frank Act extension of full coverage of noninterest-bearing transaction accounts. NAFCU has urged that if Congress decides to pass another extension, credit unions be included as well as banks.
- Notice revisions: Jan. 1 is the deadline for revising adverse action notices, risk-based pricing notices and credit-card application and account opening disclosures to reflect any changes in regulatory authority. Some credit unions will revise the adverse action notices to refer recipients either to the NCUA Office of Consumer Protection or Consumer Financial Protection Bureau. The others must be revised to reflect the shift of rules from the Federal Reserve to the CFPB.
- Interest payments to nonresident aliens: Jan. 1 is the deadline to begin reporting these payments to the IRS. The rule applies to payments of $10 or more made on or after Jan. 1, 2013, to residents of countries listed in IRS Revenue Procedure 2012-24.
- Remittance rule changes: Feb. 7 is the deadline for compliance with the revised rules for international remittances, which are governed by the CFPB’s Regulation E.
For more, see NAFCU's October Compliance Monitor (members only).