NAFCU's reg team reviews 2013 in webcast
Dec. 11, 2013 - NAFCU's regulatory affairs team on Tuesday offered NAFCU webcast attendees an update on recent NCUA actions and what they can expect from the agency in the coming year – in particular focusing on the new credit union service organization rule.
The webcast - "NCUA Update: Looking Ahead to 2014" - was moderated by Director of Regulatory Affairs Mike Coleman and featured comments from Senior Regulatory Affairs Counsel Tessema Tefferi and Regulatory Counsels PJ Hoffman and Angela Meyster.
Hoffman focused on the impact that NCUA's final rule on CUSOs might have on the credit union industry and discussed primary changes to the rule. The rule will require all CUSOs to provide basic profile information to NCUA and state authorities annually. CUSOs engaged in certain “complex” or “high-risk” activities will be required to submit audited financial statements and customer information. Hoffman also discussed the modernization of NCUA's examination process and the interagency rule on flood insurance.
Tefferi went over the CFPB's final rule on the Truth in Lending and Real Estate Settlement Procedures Acts, news about corporate stabilization and the NCUA budget, among other things. He explained how the Temporary Corporate Credit Union Stabilization Fund will be affected by NCUA's settlement with JPMorgan Chase for $1.417 billion.
While explaining the CFPB's TILA-RESPA rule, Tefferi pointed out that the integrated mortgage disclosure forms have several variations and reminded attendees to be mindful of which variation they need for each page of the forms.
Meyster discussed the coordination between the CFPB and NCUA on mortgage lending examinations for 2014, after the new mortgage rules from the CFPB go into effect. She reiterated CFPB Director Richard Cordray's statement that he does not expect total compliance initially, but instead is interested in "good faith" efforts. "The CFPB is not expecting perfect execution right away, but efforts should be obvious," Meyster said. Meyster also discussed NCUA's plans for stress testing those federally insured credit unions with more than $10 billion in assets.
The webcast will be available on-demand for one year on NAFCU's website.