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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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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Just in time for the holidays, the CFPB is pulling out its wrapping paper and tape and presenting the credit union community with refurbished regulations. They may look like the old regulations but they have shiny new citations.
Title X of the Dodd-Frank Act transferred rulemaking authority for numerous regulations to the CFPB on July 21, 2011. The CFPB is now in the process of republishing the transferred regulations and implementing those laws with technical changes. Last Friday it was Regulation F, I, and N. This week its C, G, H, M, B, V, J, K, L, P, and X. Each regulation is effective December 30, 2011.
No substantive changes to the regulations are expected as they are published; but who knows what we will unwrap in the next few weeks!
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Holiday shopping is officially underway. ‘Cyber Monday’ was the largest in history. More people than ever are using computers to get their holiday shopping done, keep track of their finances, and store sensitive information. Online traffic is at an all-time high and the Federal Trade Commission (FTC) is taking notice.
The FTC has proposed a new rule under the Child Online Privacy Protection Act (COPPA). Some of the proposed changes could require credit unions to change their approach to parental consent for children under 13 using their online banking system.
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