Compliance Blog

Jan 04, 2010

A Quick Look Toward 2010

Posted by Anthony Demangone


When I was a young lad, I realized that I would graduate from high school in 1990.  1990!  That date seemed like something from a science fiction movie.  Twenty years later, I still get those same feelings each year.  2010?  It can't be.  But it is.  And it will take me about a month to remember to write 2010 on my checks.

With that in mind, here's a quick run-down on things that we should keep in mind this year.

SAFE Act.  If you are a state or federally-chartered credit union, there's still no news here.  NCUA has yet to issue a final rule.  And the deadline for registration is still 180 days after the system starts accepting registrations.

Escrowing.  I'm not even sure if that is a valid verb.  But we'll start doing that for higher-priced mortgage loans this April.  And for manufactured homes, the escrow deadline is in October.

BSA.  The BSA manual will be updated at some point.  I'm not sure when, but it very well may require you to tweak your BSA/AML program. The CARD Act will require Treasury to issue rules to bring stored value cards under the BSA regulatory system.  I expect that rule at some point. 

Reg Z. Ugh.   Where do I begin?  Sure - we have a good grasp on how the open-end changes will wreck our social lives this year.  But don't forget that there the July 1 changes to Reg Z's open end rules that already were to take affect before the CARD Act entered our lives.  Also, there are proposals on HELOCs and closed-end lending that should go final this year.  The private student lending rule takes effect in February.  And the mortgage transfer/sale rule kicks in later this month.  In addition, there are two more Credit CARD Act provisions that will become affective this August.  The Fed will need to issue rules for those this year.

Reg E.  The overdraft rules kick in on July 1, 2010.  We expect additional guidance from the Fed this month on this topic.

FCRA.  Risked-based pricing notice rules kick in on January 1, 2011. But don't forget that another "FACT Act rule" kicks in on July 1, 2010 - the Accuracy and Integrity Guidelines. 

Corporates.  NCUA has a major proposal out there to overhaul the corporate credit union system.  NAFCU members - we urge you to respond to our Regulatory Alert's call for comments on this proposal.

Reg CC.  The Fed has not officially changed the regulation due to the impending death of non-local checks.  But they'll have to do so at some point in 2010.

The Hill.  Reg Reform and overdraft protection issues are addressed in a number of areas. But nothing has passed both houses.  Stay tuned.

So, 2009 was a bear.  I'm not sure what animal 2010 will ultimately be, but it won't be a kitten.Â