Playing Catch-Up: SAFE Act Procedures; Compliance Monitor; Final Regulations
Written by Steve Van Beek
Initially, I want to say Thank You to all the attendees at last week's Regulatory Compliance School. Â It was a great week, made even better by the great questions and interaction among attendees. Â Thank You - and hope to see you at Regulatory Compliance Seminar in the future (no tests - I promise!) Â
And - good luck to everyone who took the NCCO Exams! Â
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Strange as it sounds, it feels good to be back in the office after a long week at School. Â I'm sure there are more than a few items to get up to speed on, but first a few older items that might be useful.
CFPB's SAFE Act Examination Procedures. Â On March 7, the CFPB announced their SAFE Act examination procedures. Â While the CFPB's primary examination authority extends only to credit unions above $10 billion in assets, all credit unions offering mortgage loans need to follow Regulation G - 12 CFR 1007. Â I'd pass these examinations procedures along to the appropriate folks at your credit union as NCUA might take a similar approach in its future examinations. Â If nothing else, the examination procedures could serve as a useful internal audit tool. Â Â Â
NAFCU's March Compliance Monitor.  The March 2012 NAFCU Compliance Monitor is available.  The Worth Noting section highlights issues over the past month or so that might impact your credit union and there are articles on the CFPB and small blurbs on Health Care Reform and Periodic Statements for Mortgages. Â
The Compliance Monitor is a NAFCU member-only publication. Â If your credit union is interested in learning more about NAFCU membership, take a peek at our trial membership program.
NAFCU Final Regulation - Reg E: Â International Remittances. Â NAFCU-members, our Final Regulation on the Remittances rule is available (12-EF-02). Â Compliance is required by February 7, 2013.Â
NAFCU Final Regulation - NCUA: Â Interest Rate Risk Policy. Â Our Final Regulation on NCUA's Interest Rate Risk Policy and Management is also available (12-EF-01). Â Remember, compliance is required by September 30, 2012.