March 22, 2013 – Thursday was “Regulatory Update Day” at the NAFCU Regulatory Compliance School and began with remarks from NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt on the regulatory environment and developing issues.
Today is the last day of instruction at this year’s school. The final educational sessions will focus on NCUA’s security regulations, vendor management, Bank Secrecy Act rules and compliance with Treasury’s Office of Foreign Assets Control directives and record retention.
During Thursday’s program, Hunt gave school attendees a broad look at the forces affecting credit union regulatory compliance. She provided key take-aways to school attendees:
- regulatory tightening on the exam side is continuing;
- formal regulatory changes are more deliberative;
- the CFPB is the biggest threat to credit union operations; and
- expect to see less predictability in the future of regulation.
|| Andy Keeney
Thursday’s program included a detailed look at mortgage regulations and other activities at the CFPB, with sessions led by Andy Keeney, a partner at Kaufman & Canoles, and NAFCU’s Steve Van Beek, JiJi Bahhur, Bernadette Clair and Michael Coleman. The NAFCU team also looked at the future focus on products such as prepaid cards, overdraft protection and private student loans.
Keeney participated in a panel discussion later with David Reed, partner at Reed and Jolly PLLC, and Barry Stricklin, vice president of real estate lending at Tower FCU, on how credit unions can keep up with the mortgage rules.
NAFCU’s compliance team will reprise their school presentation March 27 during NAFCU’s next webcast, “Digging Deeper: CFPB’s Mortgage Rules.” (See what we have slated this fall: Regulatory Compliance Seminar, Oct. 22-25 in Nashville.)
| 2013 Regulatory Compliance School Class
| Regulatory Compliance School attendees (above) taking examinations for the NAFCU Certified Compliance
Officer designation will be able to complete testing Saturday. Self-study for the NCCO designation is also
offered. – Dietsch photo