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NAFCU's 2013 Regulatory Compliance Seminar kicked off Tuesday with a look at how credit unions can "create a culture of compliance" plus the processes and considerations at play in NCUA and CFPB rulemaking.

Tuesday's program included a feature presentation, "What Does a Culture of Compliance Mean for Your Credit Union?" with attorney David Reed, partner at Reed and Jolly PLLC, and Rusty Vellek, compliance officer for Transportation FCU. Both are NAFCU Certified Compliance Officers. Reed focused on how to get credit union staff on the same page in the overall approach to compliance, while Vellek discussed the balance between regulatory compliance and member service needs.

Justin Anderson, a staff attorney at NCUA, followed that presentation with a look at how credit unions can be involved in NCUA's rulemaking process. Anderson discussed the technical aspects of the rulemaking process and legal requirements NCUA must satisfy when it issues a rule.

Lisa Applegate, CFPB's mortgage rule implementation lead, went over the bureau's new mortgage regulations and steps the bureau has taken to ensure all financial institution regulators, including NCUA, share the same understanding and interpretations of those rules to help ensure examination consistency.

Tuesday's seminar participants also attended a networking breakfast and a reception later in downtown Nashville.

Today's program includes sessions on vendor management, and update on CFPB rulemaking, Regulation E error resolution procedures, due diligence for mergers and the need for Bank Secrecy Act programs that continue to evolve.

On-site registration for this week's seminar is sold out, but live streaming remains available. The seminar continues through lunchtime Friday.

NCUA staff attorney Justin Anderson discussed ways credit unions can help shape the regulatory process.