On Compliance: Regulatory hotspots update

Credit unions continue to manage compliance with a variety of rules.

Last year CUES published an article we wrote on compliance hotspots. One of the biggest changes to ever impact mortgage lending took place in 2015, the disclosure integration of Truth in Lending and the Real Estate Settlement Procedures Act. Other important focus areas for compliance departments included money service businesses, compliance with the Bank Secrecy Act, compliance management expectations and the complaint management process. Here’s an update for credit unions about each of these areas.


TRID went into effect in October 2015 and had a significant impact on the way financial institutions including credit unions closed real estate loans. Most credit unions relied on loan origination software to help them navigate the TRID disclosure requirements. The quality and completeness of TRID compliance is closely tied to the thoroughness of the LOS.


continue reading »

More News