- The Regulatory Affair Enewsletter Archive Issues
View previous versions of The Regulatory Affair enewsletter by clicking on the issue links below. Note: This is a NAFCU member-only publication. NAFCU members must be logged into the NAFCU website to view this publication.
- The Regulatory Affair Enewsletter
The Regulatory Affair is a NAFCU member-only monthly enewsletter that gives you a quick, forward-facing look at what's happening in the current regulatory environment that's affecting credit unions.
- NAFCU Regulatory Watch
NAFCU members can access the latest regulatory alerts and hot issues that may directly impact their credit unions on NAFCU's Regulatory Watch page.
NAFCU credit union conferences are some of the most highly-rated and respected education opportunities in the credit union community. Upcoming 2014 conferences are listed below.
- Issues We're Bringing to the Hill
Join the fight against overzealous regulatory burdens that continue to squeeze credit unions. Share your stories on Capitol Hill to help Congress understand where credit unions stand on critical issues, including data security, regulatory relief, tax reform and housing finance reform.
- 2014 Course Handouts
Outline of the curriculum for the 2014 NAFCU Regulatory Compliance School for credit unions and links to handouts for students who attended.
Educational sessions for NAFCU's Credit Union Board of Directors and Supervisory Committee Conference, including director financial literacy training, supervisory committee training, BSA and risk management, a update from Washington, D.C. are more!
- Annual Privacy Disclosure Notices
The Gramm-Leach-Bliley Act (P.L. 106-102), enacted in 1999, requires financial institutions and a wide variety of other businesses to issue privacy disclosure notices to consumers that detail the institution’s privacy policies if it shares customers’ non-public personal information with affiliates or third parties. The law also requires telling existing and potential customers of their right to opt out of sharing non-public personal information with third parties. Such disclosures must take place when a customer relationship is first established and annually in paper form as long as the relationship continues even if no changes have occurred. This legislation would help eliminate the confusion by exempting institutions whose policies have not changed from this outdated requirement. Read more about Annual Privacy Disclosure Notices in this credit union issue brief.
- New Telephone Consumer Protection Act (TCPA) Rules
Join Marc Darnell, an attorney specializing in commercial litigation, as he expertly guides you through the New Telephone Consumer Protection Act (TCPA) Rules, including the new “prior written consent” requirement, the specifics of what constitutes “prior written consent,” elimination of the “established business relationship” exemption, and specific language that must be used in the consent agreement.
- 2013 Final Regulations
Read full text and summaries of completed rulemakings on NAFCU's Final Regulations page.
- Compliance Resource Library
NAFCU's compliance resource library offers helpful information for credit union compliance officers in a variety of formats. Search articles, charts, blog posts, common questions and answers, final regulation summaries, whitepapers and more to get up-to-date regulatory compliance information.
- White Hat Award
The White Award is awarded to the member credit union that raises the most for NAFCU/PAC. The award, presented at NAFCU's Annual Conference and Solutions Expo honors the winning credit union's commitment to NAFCU/PAC and to helping keep credit union supporters in Congress.
- Paul Revere Award
The Paul Revere Award is awarded to the credit union grassroots activist of the year. This award is intended for the individual who regularly and effectively trumpets the battle cry of the credit union community just as Paul Revere did in his day. The award is based on the grassroots contacts that have been made by individuals and reported to NAFCU. The award will be presented at NAFCU's Congressional Caucus.
- NAFCU Report on Credit Unions - 2013
The 2013 Report on Credit Unions from NAFCU delivered to the Federal Reserve Board detailing the latest issues and trends affecting credit unions and the impact of Fed actions.
- Credit Union Board Briefings
NAFCU offers virtual board briefings as a member-only benefit to help you stay up-to-date on the ever-changing legislative and regulatory activities affecting credit unions.
- Compliance Monitor Archive
Browse archived Compliance Monitor issues.
- Advocacy Activity Library
NAFCU's advocacy activity library offers helpful information on the latest credit union regulation and legislation happenings that are shaping the future of the industry. Explore how NAFCU is working for you to ensure the legislation that passes is in the best interest of our credit union members and keep up-to-date on hot regulatory issues that may directly impact your credit union. Search congressional testimony, legislative policy letters to the Hill, NAFCU comment letters outlining recommendations for federal rulemaking, regulatory alerts and final summaries, credit union legislative issue briefs and more.
- Grassroots Activism Awards
In recognition of the superlative grassroots efforts and impressive NAFCU/PAC contributors, NAFCU annually presents The Paul Revere Award and the White Hat Award to those individuals and credit unions who have shown exemplary grassroots efforts.
- NCUA’s Office of Consumer Protection: Function, Role and Objectives
Meet NCUA’s new Office of Consumer Protection in this free NAFCU webcast, live and open to all credit unions. Hear directly from NCUA’s Director of the OCP Gail Laster, and Consumer Compliance Policy & Outreach Director Tonya Sweat during this free live webcast.
- Becker talks five-point plan on CUbroadcast
NAFCU President and CEO Fred Becker touts the association's five-point plan for broad-based credit union regulatory relief in a new video interview on CUbroadcast.com, noting that the plan has already been well-received by the industry.
- NAFCU Calls For Congress to Enact Credit Union Regulatory Relief
NAFCU today reiterated its call for Congress to provide broad-based
regulatory relief to the nation's credit unions, outlining a five-point
plan that would provide administrative, capital, structural, operational
and data security reforms
- 02-12-13 NAFCU Calls on Congress to Provide Regulatory Relief for Credit Unions
NAFCU Calls on Congress to Provide Regulatory Relief for Credit Unions - letter from NAFCU President and CEO, Fred Becker sent to Congress 02-12-13.
- Tefferi Promoted; Hoffman, Meyster Join NAFCU Regulatory Team
NAFCU announced it has strengthened its regulatory team with
the promotion of Tessema Tefferi to senior regulatory affairs counsel and the hiring
of P.J. Hoffman and Angela Meyster as regulatory affairs counsels.
- NAFCU's Regulatory Compliance Seminar Kicks Off in Seattle
Nearly 200 credit union professionals from around the country are gathering this week for the National Association of Federal Credit Unions (NAFCU) Regulatory Compliance Seminar, which kicks off Tuesday and runs through Oct. 26 at the Sheraton Hotel Seattle.
- NAFCU Statement on New York Court of Appeals Ruling on Hudson Valley Federal Credit Union
NAFCU issued the following statement regarding the
New York State Court of Appeals ruling today against Hudson Valley Federal
Credit Union in its suit challenging the state’s levy of a mortgage recording
- NAFCU Statement on NCUA's Low-Income Designation Deadline Extension
NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt today issued the following statement regarding the National Credit Union Administration’s (NCUA) action on the low-income designation acceptance deadline for credit unions.
- NAFCU’s Hunt Named Credit Union Times ‘Woman to Watch’
The Credit Union Times has named National Association of Federal Credit Unions (NAFCU) General Counsel and Vice President of Regulatory Affairs Carrie Hunt as a Woman to Watch.
- NAFCU meets with CFPB rule writers
NAFCU staff met with Consumer Financial Protection Bureau rule writers Tuesday to continue discussing ways to improve a number of mortgage proposals that would impact credit unions.
- CFPB unveils mortgage origination, comp proposals
The Consumer Financial Protection Bureau is seeking comments on new proposals released Friday that would expand on and clarify existing requirements related to mortgage loan originations and compensation.
- Lawmakers call for CFPB to delay remittance rule
At the urging of NAFCU and other financial services trades, a bipartisan group of House lawmakers sent a letter Thursday to the Consumer Financial Protection Bureau requesting that the implementation of the final rule on remittances be delayed.
- Proposed rule issued on high-risk mortgage loans
An interagency proposed rule released Wednesday would impose new requirements for credit unions that issue higher-risk mortgage loans, such as providing a free copy of the appraisal to borrowers.
- Webcast highlights cyber security tips
Credit unions must have strong, well-defined policies in place for addressing cyber threats, and those policies must be applied to all vendors and business partners, computer security expert Randy Romes said in a NAFCU webcast Wednesday.
- NAFCU offers CFPB input on mortgage proposals
Senior NAFCU staff met with Consumer Financial Protection Bureau representatives Wednesday to continue discussing proposals that would combine mortgage disclosures and expand the number of loans subject to the Home Ownership and Equity Protection Act.
- NAFCU discusses QM rule with CFPB
NAFCU Regulatory Affairs Counsel Dillon Shea and COMSTAR FCU President and CEO Vicki Johnston met Monday with Consumer Financial Protection Bureau officials to provide the association’s perspective on the agency’s qualified mortgage rulemaking proposal.
- Small entities issue report on CFPB proposal
The Consumer Financial Protection Bureau has posted to its website a report from a small-business review panel on the agency’s mortgage servicing proposal that reflects input from NAFCU and NAFCU member-credit unions.
- January target for final mortgage servicing rules
The Consumer Financial Protection Bureau’s proposed rules on mortgage servicing were written to reflect two “basic, common-sense standards – no surprises and no runarounds,” and are due to be finalized by January, CFPB Director Richard Cordray said in a press call Friday.
- NAFCU offers free Compliance GPS preview
Credit union compliance officers and other industry professionals can now view for free the updated 2012 NAFCU Credit Union Compliance GPS chapter on the Consumer Financial Protection Bureau in its entirety as well as the first 10 pages of the chapter on Regulation Z.
- Smith says Dodd-Frank driving costs
Testifying on behalf of NAFCU, Lynette Smith, CEO of Washington Gas Light FCU in Springfield, Va., will tell a House subcommittee today how difficult and costly the Dodd-Frank Act has proven to be for her credit union, which only counts 17 employees.
- CFPB to hold field hearing on credit reporting
The Consumer Financial Protection Bureau has scheduled a July 16 field hearing in Detroit on consumer credit reporting, and CFPB Director Richard Cordray and Deputy Director Raj Date will be among the participants.
- FFIEC releases statement on cloud computing
The Federal Financial Institution Examination Council said Tuesday it views cloud computing as having the same basic risk characteristics as traditional forms of outsourcing, so financial institutions may need to put in place more robust controls to use the service.
- NAFCU Statement on CFPB's Proposed TILA/RESPA and HOEPA Rules
NAFCU affirmed that it will continue to seek changes to a proposal combining the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA -Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X) released today by the CFPB.
- 2013 RCS Registration Image
RCS13 location photo for registration page.
- 2013 SEM Registration Image
SEM13 location photo for registration page.
- NAFCU cautions CFPB on changes to overdraft
NAFCU is urging the Consumer Financial Protection Bureau to “carefully consider the long-term implications” of any changes to overdraft protection regulations, especially since consumers may end up actually paying more fees due to returned checks.
- June Monitor spotlights cost of regulations
Survey findings from NAFCU’s June Economic & CU Issues Monitor provide more evidence that the current regulatory environment poses serious cost implications for credit unions.
- CFPB Director Cordray Joins NAFCU for Special April 24 Webcast
CFPB Director Richard Cordray will tell credit unions his vision for the new agency and provide insight on how the CFPB will impact credit unions in NAFCU's special April 24 webcast.
- NAFCU Nominates Donovan, Fisher and Lewis to CFPB Consumer Advisory Board
NAFCU nominated Dawn Donovan of Price Chopper Employees Federal Credit Union, Robert Fisher of Grow Financial Federal Credit Union and John Lewis of United Nations Federal Credit Union to the Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB).
- NAFCU March 15 Webcast to Tackle Powers of Attorney, Subpoenas
Credit unions will learn about high risks and potential liabilities with regard to powers of attorney and subpoenas in the NAFCU March 15 webcast, which will broadcast live from the NAFCU headquarters in Arlington, Va. from 2:00-3:30 p.m. EST and be available on-demand for one year following the broadcast.
- NAFCU Statement in Response to FHFA Plan on Continuing Conservatorship of Fannie Mae and Freddie Mac
NAFCU President and CEO Fred R. Becker, Jr. issued the following statement regarding the Federal Housing Finance Agency’s (FHFA) strategic plan for the next phase of the conservatorships of Fannie Mae and Freddie Mac. The plan was sent to Congress today.
- NAFCU Supports H.R. 3461 For Greater Consistency and Transparency in Credit Union Examination Process
February 1, 2012, WASHINGTON – The National Association of Federal Credit Unions (NAFCU) today told Congress that transparency and consistency in the examination process are critical to promote safety and soundness throughout the financial system, and urged passage of the Financial Institutions Examination Fairness and Reform Act (H.R. 3461), introduced by House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Shelley Moore Capito (R-W.Va.) and Ranking Member Carolyn Maloney (D-N.Y.).