Compliance Blog

Written by Sarah Zimmermann

I believe we've touched on these upcoming compliance issues separately but we thought it might be helpful to put them together in a cohesive post. Below are three compliance issues that are coming up soon.

SAFE Act Renewal.  MLOs that were registered before July 1 are required to renew their registrations before December 31 and they will not need to pay a renewal fee this year. Individual employees who registered after July 1 are not required to renew their registrations by the December 31 deadline but must do so in coming years. All institution accounts need to renew on an annual basis regardless of when the initial registration occurred and will pay a $100 fee. For more information the Nationwide Mortgage Licensing System & Registry has a Federal Registry Renewal and Reactivation Handbook.

 

NCUA's Advertising Rule.   NCUA's final advertising rule has a mandatory compliance date of January 1, 2012. This rule requires credit unions to include the agency’s official advertising statement on annual reports and financial statements of condition required to be published by law and shortens the radio and television advertisement exemption requiring the statement with advertisements that are 15 seconds or longer. This final rule also defines the term “advertisement” and details the size requirement for NCUA’s official advertisement statement in print materials. NAFCU members, you can read more about this in NAFCU's Final Regulation 11-EF-15, which can be accessed from this page.

Member online authentication. In June, NCUA issued Letter to CUs 11-CU-09 which included supplemental guidance to the 2005 FFIEC guidance on online member authentication. NCUA notes in the letter that examiners will evaluate authentication controls under the enhanced expectations outlined in the supplemental guidance, which includes further guidance on layered security.

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In honor of Veterans Day, NAFCU offices will be closed tomorrow, November 11. As always, we'd like to extend our gratitude and appreciation to those who have served, do serve, and will serve. Your service allows us to the live the lives we do. On that note, Anthony penned a great blog last year reminding us of the laws that protect servicemembers financially. Rather than recreate, I figured we could link to it.

Have a great weekend everyone. We'll be back on Monday.