October 02, 2019

Top 5 compliance issues of September: Supervisory Committee Guide, Truth in Lending

Compliance BlogNAFCU's award-winning compliance team works daily to offer compliance assistance and services to keep credit unions' informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions from NAFCU members and blogs on key issues. Here were the five most popular topics in September.

The NCUA Supervisory Committee Guide: Following the NCUA Board's decision to retire the agency's Supervisory Committee Guide, NAFCU Regulatory Compliance Counsel Reginald Watson discussed the recently issued final rule on Supervisory Committee Audits and Verifications.  

2020 Truth in Lending Threshold Adjustments: In another blog post, Watson noted the CFPB's annual inflation-based adjustments to certain thresholds for transactions covered under Regulation Z.

Bonuses to members: NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar provided insight into the NCUA's rules regarding credit unions providing bonuses to members, including an overview of Part 707 of  the agency's Truth in Savings regulation.

Emerging money laundering threats: In light of the "pressing need for protocols to detect and interrupt terrorist financing cash flows," Alma Calcano, NAFCU's regulatory compliance specialist, highlighted recent Financial Crimes Enforcement Network efforts to stop emerging threats in money laundering and terrorist financing. She also discussed the Federal Financial Institutions Examination Council's Core Examination Procedures.

The FTC's proposed update to the Safeguards Rule: The Federal Trade Commission issued a proposed rule earlier this year to update and enhance its implementing regulations for the Gramm-Leach-Bliley Act's Safeguards Rule. NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge broke down why this matters to credit unions in a blog post.

Have a question for the team? NAFCU member credit unions have direct access to the association's Compliance Team via email or the compliance helpline for assistance with federal compliance issues.

Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday, and Friday. The association's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.