Compliance Blog

The most recent "Current Issues in Credit Unions" podcast is available for download or listening.   Here's the episode's agenda:

• Indirect Lending Guidance from NCUA
• More stuff on the CFPB
• Proposed changes to Reg Z to enhance consumer protections for closed end mortgages, reverse mortgages and HELOCs
• Interim final rule to amend Reg Z to implement MDIA provisions
• Final rule concerning mortgage sale and transfer notifications
• Final rule to address mortgage loan originator compensation
• Big K Round Up.

My schedule actually allowed me to take part this month!

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I received a question from a NAFCU member wondering how NCUA expects credit unions to fingerprint their staff.  I checked the NCUA SAFE Act page, and found this:

When will the Registry be available for registration?

We anticipate that the Registry will be available for online registration in early 2011. Once NCUA has provided public notice that the registry is available, credit unions will have 180 days from that date to ensure that MLOs register and receive their unique identifier.

We encourage you to begin gathering the data that will be required for the registration process to ease the potential burden of this task.

We expect the details on the mechanics of registration to be forthcoming from the Registry and anticipate that these instructions will answer many of your questions about the actual process of registering your MLOs including how to process fingerprints, etc.  (Emphasis added.)

So, we wait. And as Tom Petty wisely points out, waiting is the hardest part.