Compliance Blog

Written by Brandy Bruyere, Director of Regulatory Compliance

Much of NAFCU's staff was in Nashville last week for our Annual Conference, for those who were able to join us, thanks! It was a great week. Once in a while, we like to wrap up a few things just in case you missed it.

NCUA MLA Webinar. NCUA's Office of Consumer Protection is holding a webinar on the Military Lending Act on Wednesday, June 29 at 2 PM Eastern. You can register for the webinar here. If you have questions (I know many of you have asked great questions, such as the MLA's impact on statutory liens), you may submit them in advance to WebinarQuestions@ncua.gov, using the subject line MLA Regulatory Amendments.

Other NCUA Webinars. It's a busy month for NCUA in terms of webinars, here are a few others that may be of interest. This includes webinars on accounting for small CUs, webinar on growing your CU, and a CDFI webinar:

• Wednesday, June 22, at 2PM Eastern NCUA Office of Small Credit Union Initiatives Webinar on Internal Controls and Accounting you can register for this webinar here
• Thursday, June 22, at 2PM Eastern NCUA Webinar on Community Development Financial Institutions Certification  you can register here
• Archive Available Soon (held on June 8)  NCUA Webinar on Growing Your Credit Union

NCUA Regulatory Alert on Small Creditors and Rural/underserved Areas. The CFPB recently implemented statutory changes relating to certain exemptions in Regulation Z for small creditors. On May 24, NCUA issued Regulatory Alert 16-RA-05 that includes a chart and summary of these changes.

CFPB Spring Rulemaking Agenda. On May 19, the CFPB issued its spring rulemaking agenda. While the rulemaking agendas often underestimate the timeline for proposals and rules, highlights include:

• Final Rule Estimates Mortgage servicing (July 2016), prepaid products (July 2016), Regulation P (possible incorporation of statutory changes to annual privacy notices, August 2016), and Regulation CC (December 2016 although this is may be more of a placeholder than actual estimated action date)
• Proposed Rule Estimates TRID amendments (July 2016), payday lending (proposed June 2)
• Prerule Stage Debt collection, overdraft, Regulation B and business lending

TRID Model Disclosures with Statutory Annotations. Many found the model Loan Estimate and Closing Disclosure with regulatory annotations helpful, so the CFPB released versions with citations to Chapter 2 of the Truth in Lending Act. The Loan Estimate is here, and the Closing Disclosure is here.

Buddies. It's been a while since I posted a Lemmy/Nolan update. Now that Nolan is a full-fledged toddler (21 months already!), we're working with him on learning Lemmy's boundaries and learning that some food is really just for Lemmy. They get a long pretty well though.