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NAFCU hosts Large Credit Union Compliance Roundtable
NAFCU hosted a Large Credit Union Compliance Roundtable Tuesday, which brought several credit union leaders to talk about the most important issues affecting their institutions and industry. Of note, attendees of the event reviewed NCUA and CFPB exam expectations and challenges, as well as several top compliance issues.
The association has previously hosted several Large Credit Union Summits and will continue to engage with the NCUA and CFPB. Earlier this year, the association launched a new member-only online community – the NAFCU ONES + CFPB Supervision Network – designed to bring credit union leaders together to discuss the CFPB and NCUA examination processes for larger institutions. Through the network, NAFCU staff regularly shares insights into updates related to NCUA and CFPB supervision.
Regarding CFPB supervision, the association also released an issue brief earlier this year to break down the regulatory landscape and enforcement expectations under the bureau’s unfair, deceptive, or abusive acts or practices (UDAAP) provision. The CFPB in March rescinded its policy statement related to the "abusive" prong of UDAAP.
The statement was initially issued in January 2020 following calls by NAFCU to clarify the prong and efforts by the bureau to gather feedback on the issue. NAFCU has consistently highlighted UDAAP as an area where the CFPB could further clarify its expectations for credit unions and the specific factual basis for violations.
As a member-driven organization, NAFCU develops its bold advocacy strategy via the direct input of members.