A look back at compliance issues in 2013

Without a doubt, 2013 may have been one of most challenging years ever for dealing with new compliance requirements.


The New Year started out with a bang as the Consumer Financial Protection Bureau released the final rules that implemented a number of the mortgage rule changes required by the Dodd-Frank Act. Work on implementing these final rules set the tone for the year, since the entire mortgage process is being changed.

In addition, credit unions needed to ensure that their credit card applications and account-opening disclosures included a reference to the CFPB instead of to the FRB. And finally, FFIEC issued a proposed guidance on the use of social media.


The remittance transfer rule was originally slated to be effective in February, but was moved back to October so that the CFPB could issue updated guidance.

Oregon state-chartered credit unions saw some relief from the DCBS with new rules for holding unimproved real property for future expansions.


March saw the end of U.S. Treasury benefit payments being issued by physical check. The Treasury mandated that all future payments had to be issued in electronic form.

In addition, FinCEN required all financial institutions to start using the new online forms by the end of March.

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