With new regulations coming from federal agencies on almost a daily basis it is easy to forget that broad reviews of all existing regulations are conducted regularly. The NCUA recently posted a list of regulations that it plans to review in 2012. The NCUA reviews all of its existing regulations every three years. This year it has identified one-third of the regulations for review and we are starting at the beginning. NCUA Rules and Regulations 700 through 710 are up for review and public comment.
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When the new final remittance rule was released by the CFPB, many of you probably assumed it didn’t apply to your credit union because you don’t do traditional remittance transfers. Well, if you do international wire transfers or international ACH transactions, it may apply to you.
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If you are like me you have a significant number of favorites set up in your web browser to assist you with your ongoing compliance responsibilities. Take for instance Regulation Z (Truth in Lending). I have Title 12 Chapter II Part 226 from the electronic Code of Federal Regulations bookmarked (no, unfortunately I don’t have it memorized).
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Here’s something I ran across last week that I thought might be a good reminder:
Do you advertise your dividend-bearing term share accounts as “Certificate of Deposits” on your website? If so, it is time to make a change. It is important to use the correct terminology when advertising these types of accounts.
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You may have read a few of my blog posts in the past few months updating you on the ongoing work of the Consumer Financial Protection Bureau (CFPB). A very big, recent update has been the appointment of a director for the CFPB. On Wednesday, January 4th, President Obama used a recess appointment to appoint Richard Cordray as the first director of the CFPB.
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The advice “an ounce of prevention is worth a pound of cure” used by Benjamin Franklin in the 1700s to explain the need for fire prevention may be more helpful now in this new age of regulations. While fires caused economic hardship, so can improper regulatory policies.
In order to help credit unions prevent regulatory mishaps, PolicyWorks released its first quarterly update to PolicyAid, its online policy manual for credit unions. PolicyWorks updates and amends policies on a quarterly basis based on new regulations, Letters to Credit Unions, AIRES questionnaires and best practices.
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So much for the CFPB republishing Reg Z and not making any substantive changes. There are a couple things you should know about the CFPB’s version of Reg Z as it will require changes to your current credit card disclosures.
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