Compliance Blog

Written by Michael Coleman, Regulatory Compliance Counsel

Yesterday, Bob Burrow, president and CEO of Bayer Heritage FCU in Proctor, W.Va., testified on behalf of NAFCU before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit at a hearing on regulatory relief for credit unions. Mr. Burrow’s testimony stressed the need to provide credit unions the regulatory relief outlined in NAFCU’s five-point plan for credit union regulatory relief. You can find Mr. Burrow’s testimony here. For more details, see this NAFCU Today story.   

Also, House Financial Services Committee Vice Chairman Gary Miller, R-Calif., announced during a the hearing that he will introduce a credit union relief bill that draws on several concepts presented in NAFCU’s five-point plan. The legislation is likely to include efforts to implement a risk-based capital system for credit unions and give the NCUA flexibility in critical areas such as the ability to grant parity to a federal credit union on a broader state rule. Take a look at this NAFCU Today story for some more details.

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ATR/QM Small Entity Compliance Guide. Yesterday, the CFPB issued a Small Entity Compliance Guide for the Ability to Repay/Qualified Mortgage final rule. As we mentioned in a blog post last week, the CFPB plans to issue more compliance guides (we hope) in the coming weeks. You can sign up to receive their announcements of the release of these materials on the CFPB’s regulations website (enter your email in the top right-hand corner). For now, you can also find the ATR/QM guide on the CFPB’s site for the ATR/QM rule. We will blog about the ATR/QM small entity compliance guide in more detail in future blog posts. 

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In January, I took a vacation with my family to Iceland. The main goal was to catch a glimpse of the Northern Lights, which can be difficult to see at times depending on the conditions (cloud cover, solar activity, etc.) Thankfully, there was one night on the trip with perfect conditions, and we were treated to a phenomenal display. Now I can check it off my bucket list! Below are a couple photos (which don't do it justice), enjoy! 

I'm the really blurry one on the left.