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How to navigate the Federal Register
As credit unions seek answers to an unclear rule or further clarification on a regulation, NAFCU's Brandy Bruyere compiles a quick guide to navigate the Federal Register in a post this week on the Compliance Blog.
"Sometimes a rule is relatively straightforward, or there is staff commentary, a legal opinion letter or other guidance document from the regulator that helps explain a particular regulatory requirement," writes Bruyere, NAFCU's vice president of regulatory compliance.
For these types of rules, Bruyere highlights core resources available to research compliance questions, including:
· the Electronic Code of Federal Regulations;
· the NCUA's recently redesigned website; and
· the CFPB's website.
For rules where there is little guidance or no commentary, Bruyere points to the Federal Register, where researchers can find "the preamble to a rule or proposed rule often provides more context for a particular requirement."
Access Bruyere's step-by-step guide on navigating the Federal Register here. NAFCU members can also contact the compliance team for direct assistance via email.
The association's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.