2019 Year-end Review – Federal Regulatory Compliance Highlights

A round-up of federal rules and guidance finalized in 2019 as well as a look ahead to what is coming next in 2020 from various federal regulators including NCUA and the CFPB.

Written by Brandy Bruyere, Vice President of Regulatory Compliance

In 2019, credit unions continued to see some regulatory relief from federal agencies, with the National Credit Union Administration (NCUA) making more progress on its regulatory reform agenda and the Consumer Financial Protection Bureau (CFPB) continuing to review its existing regulations. Yet at the same time, credit unions continue to be targets for litigation, particularly in regards to overdraft and insufficient funds fees, and the industry is facing uncertainty due to ongoing litigation relative to remote deposit capture patent disputes.  Some of these trends will continue as we move into 2020 and the Dodd-Frank Act turns ten years old. NCUA is also overhauling its approach to examinations, implementing its Modern Examination and Risk Identification Tool (MERIT). As the coming year promises its own challenges, here is our annual review of 2019’s significant compliance-related activity affecting credit unions, with a focus on federal issues.