Everything You Need to Know About NCUA's Updated Supervisory Priorities

John Kutchey, Regional Director for the NCUA's Eastern Region, will join CEO John Bratsakis, and VP of Advocacy Rory Murray to discuss the updated guidance and all things NCUA during the next Virtual Town Hall on July 28, 10 -11 am.

hires john kutchey 0The agency's 2020 update is in response to the COVID-19 pandemic as well as various statutory and regulatory changes that have occurred since March 2020. Here's what is included:

• Continuing to conduct BSA/AML reviews: focusing on proper filing of SARs and CTRs, as well as reviews of biweekly 314(a) information requests from FinCEN.
• CARES Provisions affecting credit unions: changes to the Central Liquidity Facility; Troubled Debt Restructuring; PPP Loans; Mortgage Forbearance
• Cyber security
• LIBOR Transition Planning
• Liquidity Risks 
• The NCUA will continue to examine for compliance with applicable consumer financial protection regulations during every examination, with an emphasis on:
Electronic Fund Transfer Act (Regulation E). Examiners will evaluate credit union practices concerning the Regulation E, Remittance    Transfer Rule changes to the safe harbor threshold and disclosures of rates and costs associated with remittance transfers.
Truth in Lending Act (Regulation Z). Examiners will also evaluate credit union practices concerning the changes made in response to the COVID-19 pandemic to the Truth in Lending-Real Estate Settlement Procedures Act (TRID) rule and Regulation Z Recession rules that permit members to waive the waiting periods under both rules.

Join us for the next Town Hall for an in-depth discussion on these topics and for an opportunity to have your questions answered.

Register here.