In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Regulatory Alert (23-RA-02) Home Mortgage Disclosure Act Data Collection Requirements for Calendar Year 2023
March 30, 2023If your credit union makes residential mortgage loans and meets certain criteria, you must comply with the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
- CFPB Makes Preemption Determination of Virginia Law
March 28, 2023Today the CFPB issued a determination that commercial financing disclosure laws in four states, including Virginia, are not preempted by the Truth In Lending Act (TILA). What is preemption? What laws were they looking at? Does this impact credit unions in Virginia? Let's dive in.
- Demand Letters, Lawsuits Center on Wiretap Violations at Credit Unions
March 28, 2023In 2022, a nationwide rise in litigation activity centered on wiretapping violation claims was reported involving companies' use of “session replay” technology. It is important for credit unions to work with legal counsel to ensure that their website policies and technologies comply with the privacy laws and wiretap laws of each state where its website is accessed.
- NCUA: Simplified CECL Tool Updated for March 31, 2023
March 23, 2023The National Credit Union Administration today released the March 2023 update of its Simplified CECL Tool. With this update and future quarterly updates of the Simplified CECL Tool, a credit union can use the CECL to estimate its allowance for credit losses on loans and leases. Quarterly updates will be provided so a credit union can incorporate them before its books are closed and before it submits the NCUA’s Call Report.
- Live from the GAC: Updates from Our Regulators
March 1, 2023This week thousands of credit union staff, board members, leagues, vendors and more converged on Washington, DC for the annual CUNA Governmental Affairs Conference. It's a great opportunity to engage with our regulators and lawmakers and get a sense of what issues are of high priority for them. On the main stage on Monday, CFPB Director Rohit Chopra had a dialogue with CUNA's CEO Jim Nussle, followed by remarks from NCUA Chairman Todd Harper.
- Hump Day: Are NCUA’s CAMELS Codes on the Rise?
February 17, 2023While quarter-to-quarter changes may or may not indicate an overall trend regarding CAMELS codes, it's worth examining the change in the last three months. Let's examine the amount of assets and shares at higher risk credit unions.
- Status Update: CFPB Requests Information on the Credit Card Market
February 7, 2023It's critical for our lawmakers and regulators to understand the complexities of the credit card market. We've seen what can happen when it's over-simplified. Last year's Credit Card Competition Act was born from the presumption that the credit card market is uncompetitive and that Visa and Mastercard are taking advantage of merchants. In our latest REGular Blog post, we cover two recent and important notices from CFPB related to credit cards...
- A Deeper Dive on the NCUA's Supervisory Priorities for 2023
February 1, 2023Every January, the NCUA releases their Supervisory Priorities for the year ahead. These can be a signal to credit unions of what areas might draw more focus and scrutiny from their NCUA examiners during their next exam. While the list is not exhaustive, it can be instructive to review what priorities are new to the list this year, as well as which priorities from 2022 have now fallen off the list.
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