January 30, 2023

Reg Z, BSA, Reg E among top compliance concerns in 2022

compliance puzzleNAFCU’s mission is to provide its credit union members with the industry’s best advocacy, compliance assistance, and educational resources. The association’s award-winning Compliance Team demonstrates that member-focus daily – in 2022, the team answered 6,175 questions from credit unions, responding within one business day, for an average of 25.5 questions per day.

Regulation Z was the hottest topic of the year as credit unions sought disclosure-related resources for lending products, including credit cards and home equity lines of credit, as well as guidance on advertising.

In addition, Bank Secrecy Act (BSA) and Regulation E were the top non-lending issues credit unions sought NAFCU resources on.

NAFCU is closely monitoring CFPB efforts related to Regulation E; Senior Regulatory Compliance Counsel Rebecca Tetreau last week presented on the issue at the American Bar Association’s Financial Services Committee meeting and the association has various advocacy and compliance resources available.

The Compliance Team publishes a quarterly BSA Blast with the latest industry activity and insights. The Q4 edition reviews ransomware trends, 314(b) information sharing to combat terrorist financing, and the Financial Crimes Enforcement Network’s (FinCEN) rulemaking efforts to implement the Corporate Transparency Act.

Credit unions in need of compliance assistance can access NAFCU resources anytime online, or by reaching out to the Compliance Team directly via email or at (877) 623-2887.

The association also hosts its Regulatory Compliance School annually – and also has a virtual option available – as well as a BSA School, Risk Management Seminar, and Lending Conference. Credit unions can also subscribe to NAFCU’s Online Compliance Training – one subscription allows the entire staff access to online compliance education anytime, anywhere, year-round.