Watch for these NCUA exam ‘hot spots’
Pay close attention to mortgages and Fair Credit reporting.
Jared Ihrig, CUNA’s chief compliance officer & counsel explored NCUA exam “hot spots” during the 2020 CUNA Operations & Member Experience Council and CUNA Technology Council Virtual Conference.
NCUA is focusing on error-resolution requirements, timelines, and issues concerning Regulation E, as well as overdraft opt-in disclosures for one-time ATM and debit transactions, he says.
Some credit unions continue to miss filing deadlines of the loan application register (LARs) as required by the Home Mortgage Disclosure Act, and some aren’t updated LARs quarterly.
Additionally, in some instances data fields are not being properly aggregated or captured across credit union loan origination systems, Ihrig says.
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