Compliance News
Liquidity Rule Changes 'Too Broad,' CUNA Says | Monday, 27 February 2012

CUNA does not support the National Credit Union Administration's proposed emergency liquidity regulations for federally insured credit unions because CUNA does not agree that a new rule on liquidity is needed.  More

CUNA Warns of Burden in Reg B Changes | Thursday, 23 February 2012

Although the Consumer Financial Protection Bureau's interim final rule implementing the Equal Credit Opportunity Act substantially duplicates the Federal Reserve Board's Regulation B, the few changes suggested by the bureau could impose unnecessary reporting burdens on credit unions, CUNA warned the bureau. More

FinCEN Updates E-Filing Website | Friday, 17 February 2012

The Financial Crimes Enforcement Network (FinCEN) has updated the BSA E-Filing System’s User Test System Web site to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR).  Read more.

CFPB Adjusts HMDA Reporting Threshold | Thursday, 16 February 2012

The Bureau of Consumer Financial Protection (CFPB) yesterday published a final rule amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W).  The exemption threshold has been adjusted to increase to $41 million from $40 million.  Depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012.  Read more.

CUNA Seeks Comment on NCUA Liquidity Rule Changes | Wednesday, 08 February 2012

The National Credit Union Administration is seeking public comment on potential emergency liquidity regulations for federally-insured credit unions, and CUNA has asked credit unions to add their voices to a pending comment letter on this NCUA proposal. More

CFPB Publishes Final Remittance Transfer Rule and Related Proposed Rule | Tuesday, 07 February 2012

The Bureau of Consumer Financial Protection (“CFPB”) today published its final rule amending Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation, which interprets the requirements of Regulation E. The final rule provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Association will be preparing an InCompliance package for the final rule which takes effect February 7, 2013.  You can find the 116 page final rule here.

The CFPB also published today a proposed rule related to the remittance transfer final rule.  The proposal requests comment on whether a safe harbor should be adopted with respect to the phrase ‘‘normal course of business’’ in the definition of ‘‘remittance transfer provider.’’ This definition determines whether a person is covered by the rule.  The proposal also requests comment on several aspects of the final rule regarding remittance transfers that are scheduled in advance, including preauthorized remittance transfers. In developing the final rule, the CFPB believes that these issues would benefit from further public comment.  Comments on the proposal must be received by April 9th.  The 25 page proposed rule is available here.

2012 Starts New Round of NCUA Rule Review | Wednesday, 01 February 2012

Each year, the National Credit Union Administration reviews one-third of its regulations to identify any rule or provision that it deems 'outmoded, ineffective, insufficient, or excessively burdensome," and the agency just released its 2012 review list. More

NCUA Issues Proposed Loan Workout and TDR Rule | Wednesday, 01 February 2012

The NCUA today published a proposal to amend its regulations to require federally insured credit unions (FICUs) to maintain written policies that address the management of loan workout arrangements and nonaccrual policies for loans, consistent with industry practice or Financial Institutions Examination Council (FFIEC) requirements. The proposed rulemaking includes guidelines set forth as an interpretive ruling and policy statement (IRPS) and incorporated as an appendix to the rule that will assist FICUs in complying with the rule, including the regulatory reporting of troubled debt restructured loans (TDR loans or TDRs) in FICU Call Reports. Read More

CUNA Testifies Today For Examination Fairness | Wednesday, 01 February 2012

Today when West Virginia Credit Union League President/CEO Ken Watts testifies on behalf of the CUNA at a House subcommittee hearing, he will tell lawmakers that a proposed financial institutions examination reform bill would help strengthen the safety and soundness of the financial system by increasing the consistency and fairness of financial institution examinations. More

CUNA Seeks Comment on NCUA Liquidity Rule Changes | Wednesday, 01 February 2012

The National Credit Union Administration is seeking public comment on potential emergency liquidity regulations for federally-insured credit unions, and CUNA has asked credit unions to add their voices to a pending comment letter on this NCUA proposal.  More

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