Newsroom
New on the Compliance Blog: CFPB HMDA error notice, board eligibility
As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
Here's a roundup of what's new this week:
CFPB Sends Notice About HMDA Address Errors: Director of Regulatory Compliance Nick St. John breaks down the CFPB’s notice to some credit unions regarding data reported under the Home Mortgage Disclosure Act (HMDA). The notice explains that the data “may contain invalid entries” in the “Street Address” field from 2020-2022. According to St. John, the notice does not require the recipient to make changes, however it does “encourage” the credit union to review its HMDA filings. NAFCU also sent a letter to the bureau urging additional details and time to respond.
Eligibility Requirements to Run for the Board of Directors: Regulatory Compliance Counsel Tara Simpson explains the eligibility requirements for a member to run for a credit union’s board of directors under the Federal Credit Union Act.
Sign up to receive the latest Compliance Blog post in your inbox. Access additional compliance resources, including a compliance calendar, numerous final regulation summaries, and more here.