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In the newest Compliance Monitor, now available for download, NAFCU Regulatory Compliance Counsel Reginald Watson outlines the key rules of the Fair Credit Reporting Act (FCRA) that credit unions must follow and the CFPB's focus in enforcing the act's "furnisher rule."

In the article, "A Furnisher's Guide to the FCRA," Watson analyzes the FCRA's accuracy and reasonableness standards and includes case studies of recent CFPB enforcement actions related to the issue.

"Overall, the FCRA can present compliance challenges since only some of the statute has implementing regulations and guidance," Watson wrote. "The CFPB has not provided as much direction in this area as its regulatory predecessor, the [Federal Trade Commission]. Time will tell as to what extent the CFPB will prioritize FCRA issues in the future but to date, the bureau has taken multiple FCRA-related enforcement actions which can be informative."

Also in this edition of Monitor, NAFCU Vice President of Regulatory Compliance Brandy Bruyere highlights important regulatory compliance changes from the past year, such as the CFPB's amendments to the Home Mortgage Disclosure Act and the NCUA's changes to its exam appeals procedures. The article also includes an overview what can be expected in 2018 and a list of implementation deadlines.

"While regulatory burden remains a key concern of credit unions, 2017 brought some relief and hope for further improvements in 2018 that would provide a regulatory environment where credit unions can compete and grow," Bruyere wrote.

Read the full articles about the FCRA's implications for credit unions and the year-end review of regulatory changes here.

Also in the month's Monitor, NAFCU Regulatory Compliance staff answered questions about the types of communications credit unions can have with new members, the member expulsion process and various requirements related to home equity lines of credit (HELOCs). There are also recent credit union news snippets and upcoming education opportunities.