Compliance/Regulation Archives

CECL delay to 2023 proposed, comments due Sept. 16

CECL delay to 2023 proposed, comments due Sept. 16

The Financial Accounting Standards Board (FASB) has issued its proposal on giving certain entities, including credit unions, additional time to implement the current expected credit loss (CECL) standard. The proposal would delay implementation of CECL [...]

CFPB announces updates TILA fees, thresholds for 2020

CFPB announces updates TILA fees, thresholds for 2020

The Consumer Financial Protection Bureau (CFPB) has announced adjusted threshold amounts for several provisions in Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is required to calculate the dollar amounts for [...]

URLA preferred language question now voluntary

URLA preferred language question now voluntary

A preferred language question on the government-sponsored enterprises' (GSEs) redesigned Uniform Residential Loan Application (URLA) will now be voluntary instead of mandatory, the Federal Housing Finance Agency (FHFA) announced last week. NAFCU flagged for the [...]

FHFA to make CUNA-requested question removal to URLA

FHFA to make CUNA-requested question removal to URLA

The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to make specific modifications to the Uniform Residential Loan Application (URLA), including removal of a question CUNA feels could have raised legal [...]

ICYMI: NAFCU revamps Reg Alert for user ease

ICYMI: NAFCU revamps Reg Alert for user ease

NAFCU last week released a new-and-improved Regulatory Alert template to make it easier for credit unions to review and understand proposals, find contact information and provide comments. This member-only resource is sent when federal agencies [...]

Adverse action notices for cosigners

Adverse action notices for cosigners

When it comes to providing required disclosures and notices, compliance officers know they need to send them, but a question that often comes up is: Whom do you need to send them to? This NAFCU [...]

CFPB extends debt collection comment deadline to Sept. 18

CFPB extends debt collection comment deadline to Sept. 18

The Consumer Financial Protection Bureau (CFPB) has extended the comment period for its proposal on debt collection to Sept. 18, past the original deadline of Aug. 19. According to the CFPB, this will allow “interested [...]

Senate passes debt ceiling, budget deal

Senate passes debt ceiling, budget deal

Lawmakers in the Senate Thursday passed the two-year $1.37 trillion budget deal before heading home for the August recess. The deal – which also seeks to suspend the debt ceiling to July 2021 – passed in [...]

NCUA bans 7 from future work in FIs

NCUA bans 7 from future work in FIs

The NCUA in July issued two prohibition orders and five prohibition notices, which prohibit individuals previously associated with credit unions from any future participation in the affairs of a federally insured financial institution. Violation of [...]