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December 02, 2013

Compliance Monitor gives end-of-year wrap-up

Credit unions trying to figure out why they're still reeling from the year's regulatory developments can see the answer in one place – the December NAFCU Compliance Monitor.

This month's Compliance Monitor includes a 2013 year-end review that provides a snapshot of all rulemakings throughout the year from NCUA, CFPB, and IRS. A quick count of regulatory topics addressed – mortgage rulemaking covers seven different rules so far – shows about a dozen different final rules issued over the past year.

In addition to the mortgage rules, the December Compliance Monitor article gives a quick review of the following:

  • IRS' final rule on reporting of interest paid to nonresident aliens;
  • CFPB's final international remittances rule;
  • NCUA's final rules on credit ratings, loan participations, electronic filing of report data, liquidity and contingency funding plans, credit union service organizations.

CFPB's final rule on disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act has an extended compliance period, as requested by NAFCU; the rules takes effect Aug. 1, 2015. The rule on CUSOs, requiring the subsidiaries to report information directly to NCUA each year, takes effect June 30, 2014, but reporting isn't required until Dec. 31, 2015, when the system being created to facilitate the reporting is expected to be fully operational.

The 2013 compliance wrap-up includes links to NAFCU's online compliance resources.

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