Compliance Blog

Written by JiJi Bahhur, Director of Regulatory Compliance

NAFCU Goody.  Members asked, and today they will receive.  NAFCU’s compliance team has updated its consolidated regulatory text on the Truth in Lending Act and Real Estate Settlement Procedures Act (TILA/RESPA) Integrated Disclosure (TRID) rule.  Available with a NAFCU member log-in, the updated consolidated text can be located on NAFCU’s mortgage resources webpage here and serves as a great research tool. 

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Free NAFCU-NCUA Webcast, Fine-Tuning Your Compliance Program: Common Compliance Violations.  On July 21, Bernadette and I will be joining NCUA’s Judy Graham, program director in the Office of Examination and Insurance, Patrick Truett, information system officer for E&I, and Matt Nixon, program officer in the Office of Consumer Protection, in presenting “Fine-Tuning Your Compliance Program: Common Compliance Violations.”  We will discuss how credit unions can navigate common compliance issues and examine various compliance areas of interest.

Online registration is available here and participation is free. You can find more information here.

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CFPB’s Fifth TRID Webinar Available.  Part 5 of the CFPB’s TILA/RESPA webinar series is now available for viewing here.  This fifth and final webinar addresses specific questions related to rule interpretation and implementation challenges that have been raised to the CFPB by creditors, mortgage brokers, settlement agents, software developers, and other stakeholders. In particular, this session covers industry questions relating to operations and technology challenges.

Recordings of the previous webinars in the TILA/RESPA series are available at the links below:

TILA-RESPA Integrated Disclosure, Part 1 — Overview of the Rule

TILA-RESPA Integrated Disclosure, Part 2 - Various Topics

TILA-RESPA Integrated Disclosure, Part 3 — Completing the Loan Estimate

TILA-RESPA Integrated Disclosure, Part 4 — Completing the Closing Disclosure

Just a reminder – if you are looking for additional help with TILA/RESPA, NAFCU’s Credit Union Compliance GPS contains an appendix that is solely dedicated to TILA/RESPA.  Also, check out our TILA/RESPA Boot Camp and blog series.

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CFPB Issues Guiding Principles for Faster Payment Networks.  Last week, the CFPB outlined guiding principles for faster payment networks.  In the CFPB’s guidelines, it states:

“Improvement in payment systems can aid many users — and consumers, in particular — if accompanied by more robust and timely information about payments and receipt of funds. When integrated with systems such as mobile banking and other channels by which consumers may obtain real time information about their account balances, consumers could know more definitively when they do and do not have funds with which to conduct transactions. At best, faster payments could enable faster, safer, and more accessible commerce.”

The guidelines focus on privacy, transparency, costs, security, access and more.  To view the guidelines, click here.  To view the press release, click here.

It should be noted that other federal agencies, including the Federal Reserve, have been engaged in initiatives to improve payment systems as well.  NAFCU has been very involved in these efforts and will continue to gather input on how to improve the U.S. payments system.