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January 19, 2022

NAFCU Reg Committee reviews proposals open for comment from NCUA, CFPB, more

Regulatory ComplianceNAFCU's Regulatory Committee met Tuesday and discussed several proposals open for comment from federal financial regulators, including the NCUA, CFPB, and Financial Crimes Enforcement Network (FinCEN).

The group first reviewed the NCUA's notice and request for comment regarding its draft Strategic Plan for 2022-2026 and the CFPB's request for information (RFI) regarding Home Mortgage Disclosure Act (HMDA) rule assessment. In addition, the committee discussed several proposals from FinCEN, including:

The committee also reviewed the CFPB's new Compliance Management Systems Information Technology (CMS-IT) exam. The exam procedures – published by the CFPB in September – provide an overview of the exam manual, which is divided into five modules.

NAFCU met with the CFPB earlier this month to discuss the exam. During Tuesday's meeting, NAFCU staff provided committee members with a recap of the association's discussion with the bureau and reviewed credit union experiences with the exam so far.

The Regulatory Committee will next meet Feb. 8.