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March 21, 2019

Data security, TCPA, BSA on today's Reg Compliance School agenda

NAFCU's Reg Compliance team
NAFCU's Regulatory Compliance Team details key credit union compliance issues during Spring Compliance School. (NAFCU photo)

Attendees at NAFCU's Spring Regulatory Compliance School today will review a number of hot-topic items, including data security and protecting members' information, basics of the Telephone Consumer Protection Act (TCPA), Bank Secrecy Act (BSA) requirements and more.

Those working to obtain the prestigious NAFCU Certified Compliance Officer (NCCO) designation also have the opportunity to take the third of four exams this morning, which features questions covered during Wednesday's sessions, including Regulation Z, Fair Credit Reporting Act (FCRA) and fair lending.

Here's a rundown of today's sessions:

  • Information and data security: NAFCU Senior Counsel for Research and Policy Andrew Morris will detail the risks posed by insufficient data security. He will also review what laws and regulations credit unions need to be in compliance with, as well as resources for examination and reporting requirements.

  • TCPA: NAFCU Director of Regulatory Affairs Ann Kossachev will explain how this law impacts credit unions' ability to contact members and update attendees on recent litigation related to the Federal Communications Commission's (FCC) definition of an autodialer and other issues.

  • NCUA's flood insurance rule: Congress is currently working to extend the National Flood Insurance Program (NFIP), and the NCUA, along with other banking regulators, recently approved a rule related to private flood insurance policies. NAFCU Regulatory Compliance Counsel Reggie Watson will review these and the basics of flood insurance requirements.

  • TILA/RESPA: RESPA mortgage origination and TILA/RESPA servicing requirements are the focus of this presentation from NAFCU Regulatory Compliance Counsel David Park. He will detail components of Regulations X and Z, including error resolution, requests for information, loss mitigation and more.

  • BSA: Ncontracts' Stephanie Lyon will review requirements under the BSA and Office of Foreign Assets Control to ensure credit unions are prepared for examinations. She will explain reporting and retention requirements, as well as training programs and internal controls.

  • Vendor management: During this session, NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge will explain the regulatory expectations from the NCUA, CFPB and FFIEC for credit unions to assess and manage risk of their third-party vendors.

Spring Regulatory Compliance School wraps up tomorrow; stay tuned to NAFCU Today for session coverage and follow #ComplianceSchool on Twitter for updates.

Registration is now open for NAFCU's Summer Regulatory Compliance School Aug. 12-16 in Minneapolis, Minn.