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New on the Compliance Blog: Reg X changes, beneficial ownership reporting, ADA website decision
As credit unions work to meet the needs of more than 124 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
Here's a roundup of what's new this week:
Mortgage Servicing Proposed Rule: NAFCU Senior Regulatory Compliance Counsel David Park breaks down the CFPB’s proposed amendments to the early intervention and loss mitigation rules in Regulation X. The changes, Park notes, were designed to protect consumers that may have been affected by the coronavirus pandemic. They seek to implement safeguards to prevent avoidable foreclosures as a result of consumer ending their forbearances at a time when foreclosure moratoria might be drawing to a close.
FinCEN Publishes ANPRM on Beneficial Ownership Database: In Wednesday’s blog, NAFCU Regulatory Compliance Counsel Nick St. John tackles the Financial Crimes Enforcement Network (FinCEN) advance notice of proposed rulemaking seeking comment on the implementation of Corporate Transparency Act provisions, including a provision on beneficial ownership information reporting.
ADA & Websites – Appellate Court Rules Websites Not Public Accommodations, Can Be Barrier to Services: In today’s blog post, NAFCU Vice President of Regulatory Compliance Brandy Bruyere reviews the U.S. Court of Appeals for the Eleventh Circuit’s decision in a lawsuit related to Americans with Disabilities Act (ADA) website accessibility issues. Bruyere breaks down the decision and highlights how this may impact credit unions.
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