New Compliance Monitor tackles fair lending exams, recent court decisions
The new edition of NAFCU's Compliance Monitor – a member-only, digital compliance resource – features a review of the current focus on fair lending exams, including an outline of the factors the NCUA will use to determine whether a federal credit union demonstrates potential high fair lending risk. In addition, the Monitor breaks down two recent court cases that are noteworthy for credit unions.
On fair lending, NAFCU Senior Regulatory Compliance Counsel Loran Jackson provides a roundup of resources to address the NCUA’s renewed focus, including the agency’s Letter to Credit Unions, the Interagency Fair Lending Examination Procedures, and more.
“Credit unions can take their fair lending obligations seriously, and there are some steps that can help proactively address some of these risks,” writes Jackson. “Periodically reviewing fair lending policies and procedures to ensure clarity and updating as necessary adjust to recent guidance may be helpful.”
In addition, NAFCU’s Compliance Team breaks down two recent court cases, including:
- the Supreme Court’s decision regarding the definition of an "autodialer" under the Telephone Consumer Protection Act (TCPA); and
- the U.S. Court of Appeals for the Eleventh Circuit decision in a lawsuit related to Americans with Disabilities Act (ADA) website accessibility issues.
The article tackles how these two decisions impact credit unions and points to relevant Compliance Blog posts for additional information on both cases.
NAFCU's award-winning Compliance Team publishes several other resources in addition to the Compliance Monitor to keep credit unions informed of the latest regulatory developments.
The association has a member-only Compliance, Risk & BSA Network to provide compliance professionals a space to connect on key compliance issues and a Compliance Calendar that outlines important dates and deadlines for credit union regulatory compliance requirements.
Add to Calendar 2021-05-06 14:00:00 2021-05-06 14:00:00 BSA Update: The Anti-Money Laundering Act of 2020 The House and Senate voted to override former President Trump’s veto of the National Defense Authorization Act, which included the Anti-Money Laundering Act of 2020 (the “AML Act”). The AML Act makes significant changes to the Bank Secrecy Act, including enhanced whistleblower protections, new requirements for business entities to file information with FinCEN regarding beneficial ownership, and new penalties. This session will explain these changes and discuss next steps for credit unions to consider. Key Takeaways: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA) Discuss the likely impacts on credit unions Understand the various effective dates and next steps for implementation for different changes Purchase Now $295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until May 6, 2022Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) NAFCU Certified Bank Secrecy Officers (NCBSOs) Compliance staff Legal staff HR staff Education Credits NCBSOs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Learn about the comprehensive revisions to the Bank Secrecy Act (BSA). Discuss the likely impacts on credit unions. Understand the various effective dates and next steps for implementation for different changes. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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