March 10, 2014

Reg Compliance School eyes reg processes, exams

March 11, 2014 – Attendees at NAFCU's Regulatory Compliance School heard from NAFCU and NCUA staff Monday in a series of presentations that addressed legislative, regulatory and supervisory processes affecting the compliance function in credit unions.

NAFCU President and CEO Dan Berger opened the conference with remarks on the value of a being a NAFCU Certified Compliance Officer, or NCCO.

Berger advocated using the NCCO exam to learn how regulators think. He also mentioned that executive recruiters and headhunters recognize the value of the certification when looking for compliance and risk management experts.

After Berger's remarks, Regulatory Affairs Counsel PJ Hoffman gave a presentation on how to follow and get involved with the legislative and regulatory processes and how regulations are created. Regulatory Affairs Counsel Alicia Nealon then spoke on the Federal Credit Union Act and the creation of NCUA and CFPB.

GrahamatRCS14-webNCUA's Judy Graham discussed the agency's supervision and examination processes. (Dietsch photos)

Other NAFCU speakers for the day included Regulatory Compliance Counsel Brandy Bruyere, Director of Regulatory Compliance JiJi Bahhur, Senior Regulatory Compliance Counsel Bernadette Clair, and Regulatory Compliance Counsel Ricardo Piñeres, who spoke on subjects including field of membership, Regulation D, and special credit union issues such as statutory liens and expulsion and limitation of services.

Attendees also heard from Judy Graham of the Office of Examination and Insurance and Frank Kressman of NCUA on the agency's supervision and examination processes and share insurance, respectively.

Today's program will address Regulations E and CC (electronic funds transfer and expedited funds availability rules); the Uniform Commercial Code; truth in savings; NCUA lending rules; and Fair Credit Reporting Act requirements.