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Reg Compliance School Day 3: Fair lending, special mortgage rules
Students at NAFCU's Regulatory Compliance School yesterday discussed fair lending and Regulation B requirements, heard a two-part session on special mortgage rules and gained a greater understanding the Real Estate Settlement Procedures Act.
Credit union compliance staff and others from around the country are in Arlington, Va., this week to earn or refresh their NAFCU Certified Compliance Officer certifications or simply get the latest on credit unions' compliance responsibilities. On Tuesday, conference students learned about federal rules on electronic transfers (Regulation E) and funds availability (Reg CC), NCUA's lending rules and requirements under the Fair Credit Reporting Act.
Wednesday's School agenda included:
- A presentation from Lori Sommerfield of BuckleySandler LLP on fair lending laws, responsible lending and fair servicing laws and the technical requirements of Regulation B.
- Presentations from Steve Van Beek, an attorney with Howard & Howard Attorneys PLLC and former NAFCU vice president of regulatory compliance, on Regulation Z's coverage, special rules for credit cards, private student loans and advertising requirement. Van Beek also did a two-part presentation on special mortgage rules, including CFPB's qualified mortgage and ability-to-repay rules, mortgage servicing and loan origination compensation.
- A RESPA overview from Jeremiah Buckley and Joe Kolar of BuckleySandler LLP covering the roles of CFPB and NCUA and a brief history of the act.
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| The School continues Friday. |
Today at the School is Regulatory Update Day. The program will provide a breakdown of the Truth in Lending Act and RESPA integrated mortgage disclosures rule and its impact on credit unions; an overview of the regulatory environment, NCUA and CFPB and what the future holds; and a look at EMV from Janette McGrath of MasterCard, a NAFCU Services Preferred Partner, with key considerations for migration strategies.
The Regulatory Compliance School, open to NAFCU members and nonmembers, runs through Friday at the Crystal Gateway Marriott.