Newsroom
December 29, 2022
Top 5 Compliance Blogs in 2022
As credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
With 2022 coming to an end, here's a roundup of the top five blogs from this year:
- New Account Exception Hold v. Large Deposit Exception Hold: Senior Regulatory Compliance Counsel David Park clarified the difference between the new accounts exception hold in section 229.13(a) of Regulation CC and the large deposits exception hold in section 299.13(b).
- CFPB Updates Regulation E FAQs to Address P2P Payments and Providers: Senior Regulatory Compliance Counsel Rebecca Tetreau shared information on the CFPB’s Regulation E FAQs. The bureau first issued Regulation E FAQs in June 2021 and updated the helpful compliance aid last month. Tetreau broke down some of the latest FAQs, which clarify how Regulation E and its error resolution requirements apply to peer-to-peer (P2P) payments and P2P payment providers.
- CFPB Takes Action on CARES Act Forbearance Violation: Senior Regulatory Compliance Counsel Keith Schostag discussed the consent order filed by the CFPB against Carrington Mortgage Services, LLC “for violations of the Fair Credit Reporting Act.” The post detailed the allegations against Carrington and the required actions needed to remedy the situation, including paying a $5.25 million civil penalty.
- Compliance Training: A Refresher on Credit Union Staff Training Requirements: Tetreau provided a summary of various compliance training requirements on the rules and regulations affecting credit unions. Tetreau offered training reminders and where to find additional guidance on the Bank Secrecy Act/Anti-Money Laundering (BSA/AML), the Office of Foreign Assets Control (OFAC), electronic payment systems, and more.
- FinCEN Announces Penalties Against USAA: Senior Regulatory Compliance Counsel Loran Kilson examined the Financial Crimes Enforcement Network’s (FinCEN) announcement regarding a consent order and a $140 million civil money penalty against USAA Federal Savings Bank for violations of the BSA and its implementing regulations.
Additionally, NAFCU released its latest Compliance Blog yesterday. In the post, 2023 CFPB Reg Z Annual Adjustments; Happy New Year from NAFCU Compliance (& Programming Note), Tetreau discusses the CFPB’s annual adjustments to certain dollar amount thresholds covered in Regulation Z.