Today will be Day 4 of the Regulatory Compliance School. Loan
regulations are the key focus today; those working toward
designation as NAFCU Certified Compliance Officers will also
have the option of taking the third of the four examinations
required to earn it. – Dietsch photo
March 21, 2013 – Wednesday was Day 3 of the NAFCU Regulatory Compliance School and served up an ample helping of regulatory compliance instruction on NCUA and CFPB rules for lending and related notices, disclosures and consumer protections.
The morning began with a look at Regulation B requirements under the Equal Credit Opportunity Act. Suzanne Garwood, a partner in the firm of Venable LLP and a former NAFCU regulatory affairs attorney, provided the group with an overview of rules affecting the credit application process, adverse action notices, application review and fair lending issues.
Devon Lyon, compliance manager for State Department FCU, spoke on NCUA’s lending rules on loan maturity limits, the federal credit union usury ceiling, general lending rules, loan participations and member business loans.
Wednesday’s program also addressed the following:
- Regulation Z rules under the Truth in Lending Act (open-end credit, credit cards, closed-end credit, mortgages);
- Real Estate Settlement Procedures Act requirements (the good faith estimate of costs, prohibitions against kickbacks and unearned fees, escrow accounts);
- Fair Credit Reporting Act rules (obtaining consumer credit reports, disclosures to consumers, direct disputes);
- Regulation C requirements under the Home Mortgage Disclosure Act (coverage requirements, reporting of loan data, disclosures).
Today will be “Regulatory Update Day” at the Regulatory Compliance School. This portion of the program will give attendees the latest on the CFPB’s new mortgage rules and will include an expert panel discussion on credit union mortgage lending titled “How Do Credit Unions Keep Up?” Speakers include industry heavyweights Andy Keeney, partner at Kaufman and Canoles; David Reed, partner at Reed and Jolly PLLC; and Barry Stricklin, vice president of real estate lending at Tower FCU.