LAST CHANCE TO REGISTER!
The much anticipated final rules on debit interchange fees and PIN routing were released by the Fed on June 29. Be among the first to learn how they will impact your debit program.
On Wednesday, July 6, PolicyWorks and The Members Group will host a webinar with compliance and industry experts from PolicyWorks, PayFusion and SHAZAM to go over the final rules and address how they will impact your credit union’s debit program.
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Effective June 24, 2011, NCUA will fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest-bearing account (also known as non-dividend bearing transaction accounts for federal charters).
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The Fed has released the proposed rule to amend Reg CC. The initial version is 500 pages. Seems like there might be more in there than just increasing the next-day availability amount from $100 to $200. Here’s a quick, initial glance at the changes, not to mention a whole new set of model forms (for which the consumer testing consisted of a whopping 20 people).
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Well, I would be lying if I said the start to the new compliance year has been easy. It has clearly been a challenge staying ahead of all the requirements and implementation timelines of Risk Based Pricing Notices, New Privacy Notices, MDIA, and the fiduciary duties of Federal credit union boards, to mention a few… and it’s only January 20th. Well, take a deep breath and enjoy the short ride (that is unless you are scratching your head wondering what I am talking about above). It looks like February is clear sailing and the start of March comes in like a lamb as far as compliance is concerned.
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While most everyone looks forward to the New Year as an opportunity for a fresh start and a chance to start something new, we must also remember that the New Year will also bring new regulations (I know, probably not exactly what you had in mind as a fresh start). Over the past month, I have had numerous credit unions asking me if I could just give them a summary of all of the upcoming regulatory changes. Typically, they are already overwhelmed with all of the existing regulatory changes and are afraid that they are not aware of what is up coming.
I normally don’t like to include bland lists and facts in my blog…but I think this would be the one opportunity where it seems appropriate. As everyone is winding down 2010, here is a chance for you to double check to see if you are ready for the beginning of 2011!
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Today is Thanksgiving…and if you are reading this blog today, you must really love compliance!
In a previous blog I had talked about the recent final rule that implemented sections of the FACT Act which changed the credit union’s responsibilities when it comes to receiving a direct credit report dispute from a member. Those same rules also included new requirements on the accuracy of credit information provided to the consumer reporting agencies. And like the new dispute rules, you may have missed the fact that they became effective back on July 1, 2010.
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This question has been asked of me numerous times over the past few weeks. Some impacts are known, some impacts are unknown, and unfortunately even some questions are not even known (yet).
What we do know is that credit unions will need to start planning now for some of the known upcoming changes resulting from the Act such as new appraisal requirements for “high risk mortgages,” reporting of executive compensation to the NCUA (for credit unions with assets over $1 Billion), and new rules for debit card interchange fees.
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