Compliance News

While the ultimate goal is to prevent or mitigate burdensome regulations, the reality is that regulation never stops, and therefore the need for credit unions to comply won’t either. The League remains a constant source for your credit union to understand rules and regulations that impact you.

Throughout the year, League staff research regulatory compliance questions posed by member credit unions and disseminate the answers. Educational sessions are held periodically to reinforce information distributed through InfoSight and Compblog Updates, as well as other written information.

In the News

Mortgage Rule and Lawful Marriage Clarifications

A clarification has been issued to mortgage lending rules that states when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Consumer Financial Protection Bureau’s ability-to-repay rule. The clarification, issued by the CFPB, is meant to help surviving family members who acquire title to a property to take over their loved one’s mortgage.

In addition, the rule does not require the creditor to determine the heir’s ability to repay the mortgage before formally recognizing the heir as the borrower. As the named borrower, the heir may more easily be able to obtain account information, pay off the loan, or seek a loan modification. The rule can also apply to other family-related transfers, including transfers to living trusts, transfers during life from parents to children and transfers resulting from divorce or legal separation.

The CFPB also issued a memo stating that, to the extent permitted by federal law, the CFPB “recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated.” This rule means any terms used in laws, regulations and policies administered by the CFPB related to family and marital status shall now include lawful same-sex marriages and lawfully married same-sex This includes the Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Truth in Lending Act and Real Estate Settlement Procedures Act.     Source: CUNA News Now

Cybersecurity Assessment Program Underway

The Federal Financial Institutions Examinations Council (FFIEC) has a new program to assess financial institutions’ cybersecurity supervisory policies and processes. Credit unions, ranging from small to very large assets sizes, will make up about half of the 500 institutions being examined during the launch of the program. The program, one of several FFIEC assessments planned, will strengthen and standardize their supervisory programs and be responsive to industry requests for supervisory guidance. Assessments under this pilot program will be performed using existing rules and regulations during the normal exam cycle. According to the NCUA, the pilot program will not result in any new examination rating; any policies and/or processes that do not meet legal requirements or supervisory expectation will be dealt with as during a standard exam.     Source: CUNA News Now

New Compliance Resource from NCUA

The NCUA has unveiled a new webpage aimed at helping credit unions comply with the new mortgage rules and other consumer lending rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws. NCUA’s new Consumer Compliance Regulatory Resource webpage consolidates critical regulatory information in a single, easily accessible location.    Source:

Interest Rate Risk Resource Page Available

Interest rate risk poses a significant threat to the credit union system and the NCUA has launched a new web resource page for credit unions to use to better understand and prepare for changes in interest rates and the risk those changes present.

The new page includes videos, charts showing trends that affect interest rate risk, and links to NCUA regulations and letters to credit unions, interagency guidance, and best practice resources. s newest video about interest rate risk and the questions credit unions should answer is also posted on the resource page and NCUA’s YouTube channel.

NCUA Board Chairman Debbie Matz encouraged credit unions to take advantage of the agency’s new resource page as the credit union system moves into a new rate environment.    Source:

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