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Compliance Monitor dives into Reg CC final rule, NCUA exam update
In the latest edition of NAFCU's Compliance Monitor – a free, member-only benefit – NAFCU Regulatory Compliance Counsel David Park assesses how credit union operations could be affected by changes made by the Federal Reserve and the CFPB to Regulation CC.
"The final rule affects the availability of funds deposited into transaction accounts, and these changes may require that a credit union modify its specific availability policy disclosure," writes Park.
Park explains in further detail the two key changes made by the final rule and addresses some FAQs that might arise when a credit union needs to provide notice of the change in the specific availability policy disclosure to its existing members.
Also included in the February Monitor is a brief update on the NCUA's exam modernization initiatives, including a summary of the Modern Examination and Risk Identification Tool (MERIT). NAFCU’s Government Affairs team in January met with NCUA Office of Examinations and Supervision Director Scott Hunt to discuss the agency’s exam modernization efforts.
This edition's Q&As answer questions related to disclosure requirements for share accounts and what type of account a federal credit union can hold a member’s par value in. View more of NAFCU's award-winning compliance resources.