August 28, 2014

Reed talks examination preparedness

Aug. 28, 2104 – David Reed, of Reed and Jolly PLLC, talked about how credit unions can effectively prepare for regulatory examinations in a webcast Wednesday, primarily focusing on the impacts of the ability-to-repay/qualified mortgage and mortgage servicing rules on examinations.
The webcast, "The Examiners Are Coming: What to Expect and How to Prepare Your Credit Union for the New Mortgage Rules," covered both CFPB and NCUA examination resources and best practices for examinations from both regulators.
Reed noted that the Dodd-Frank Act has resulted in more than 3,000 pages of regulations. He explained that there are three sources of information for credit unions when it comes to preparing for exams: the regulators themselves, the information credit unions share with one another, and anything noted in previous exams that may come up again.
Reed also highlighted the importance of the Truth in Lending/Real Estate Settlement Procedures Act integrated disclosure rule – which will go into effect next August – saying, "Make no mistake, these are going to be a big deal."
Overall, Reed emphasized the importance of the "three main R's" that examiners are looking for: "Risk, recognition, and reaction."
NAFCU's on-demand webcasts are available for up to 12 months after the live broadcast and are included in the registration price. Webcasts are broadcast through NAFCU's Online Training Center, which also hosts training for credit union board of directors and new staff. Credit unions can purchase an all-access pass to NAFCU's training center – including more than 30 compliance webcasts and 90 self-paced modules – on NAFCU's website.