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Compliance: CUNA offers 2017 rules and regs in review

Mon, Feb 5, 2018

CUNA compliance staff has compiled a new resource outlining the major compliance happenings throughout 2017. The list covers major finalized rules and amendments issued last year, and highlights other CUNA resources and the regulatory or agency responsible for the rule.

While the document provides an overview of each items, more in-depth information is available at CUNA’s eGuide to Federal Laws and Regulations.

Rules and regulations covered in CUNA’s 2017 year in review include:

  • Consumer lending:
    • Consumer Financial Protection Bureau’s short-term, small-dollar loan rule (finalized October 2017);
    • Department of Defense’s Military Lending Act credit card regulations (effective October 2017);
    • CFPB prepaid accounts rule (delayed until April 2019);
  • Real estate Lending:
    • CFPB’s Home Mortgage Disclosure Act rule (finalized in August 2017);
    • CFPB’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule (updated in summer 2017);
    • Mortgage servicing rule amendments (interim final rule issued in October 2017);
  • Fair lending:
    • CFPB Regulation B/Equal Credit Opportunity Act (amendments issued in October 2017);
  • Deposit accounts:
    • Federal Reserve Regulation CC (finalized amendments in May 2017);
    • Internal Revenue Service Foreign Account Tax Compliance Act (rules and amendments finalized in January 2017);
  • Operations:
    • Federal Housing Finance Agency rule allowing Federal Home Loan Bank membership for non-federally insured credit unions (effective July 2017);
    • NCUA safe harbor rule (effective July 2017);
    • NCUA supervisory review committee rule (finalized in October 2017, effective Jan. 1);
    • NCUA appeals procedures (finalized October 2017, effective, Jan. 1).

The document also includes links to CFPB and NCUA resources, and CUNA regulatory compliance resources.

In addition to the CompBlog, CUNA’s Compliance Community contains discussion boards and a number of other resources for credit union compliance professionals around the country.