CU reps attending Day 2 of the NAFCU Regulatory Compliance
School learned about the Uniform Commercial Code, funds
availability rules, IRS requirements and more. (Dietsch photo)
March 20, 2013 – Attendees at Day 2 of the NAFCU Regulatory Compliance School learned about Uniform Commercial Code requirements, IRS rules and more from NAFCU’s compliance team and two of their own: credit union NCCOs Mitchell Klein and Rusty Vellek.
Klein, of Police and Fire FCU (Philadelphia), gave Tuesday’s school participants a detailed look at U.C.C. Articles 3 and 4, the funds availability requirements contained in Regulation CC and the myriad reporting and recordkeeping requirements imposed by IRS rules. Vellek, of Transportation FCU (Washington), focused on requirements of the Truth in Savings Act.
Tuesday’s school sessions made up day two of five for this year’s Regulatory Compliance School. Attendees have the opportunity to complete the four examinations required to earn the NCCO designation and to update their certifications. Educational sessions wrap up Friday.
Three members of the NAFCU compliance team (all of whom also possess NCCO designations) contributed to Tuesday’s program. NAFCU Director of Regulatory Compliance Steve Van Beek, who spoke Monday, returned to give school participants an overview of NCUA rules on federal share insurance, including how credit union members’ accounts are covered and the advertising and disclosure requirements set for all credit unions insured by the National Credit Union Share Insurance Fund.
NAFCU Regulatory Compliance Counsels Bernadette Clair and Mike Coleman also participated, providing attendees an overview of what credit union compliance staffers need to know about Regulation D (restrictions on transfers from savings accounts), Regulation E (electronic funds transfers) and the E-SIGN Act.
The program, conducted at the Gaylord National Hotel and Convention Center in National Harbor, Md., resumes today with a look at lending regulations, mortgage rules and disclosures, fair credit reporting and Home Mortgage Disclosure Act rules.