Get RIPT: New NWCUA Tools Can Help Credit Unions Clear a Path Through Regulations and Rule Changes

“We’ve identified the tasks that need to be completed for each rule change. All credit unions need to do is download the Workplan and they can jump-start the whole implementation process.”David Curtis, NWCUA director of compliance services

Northwest credit unions can create an easier path through the mountain of regulations and rule changes they face with the help of a new toolkit unveiled this week by the Northwest Credit Union Association.

RIPT—or Regulatory Implementation Project Toolkit—uses project management procedures to cut the regulatory burden created by Dodd-Frank into bite-size tasks, creating a simplified list of steps that need to be taken to implement rule changes before their effective date.

It’s a direct response, says David Curtis, NWCUA’s director of compliance services, to the major mortgage rule changes announced by the Consumer Financial Protection Bureau earlier this year—changes that took the bureau 3,692 pages to explain.

“The size of the compliance task was daunting,” Curtis says. “We knew we needed to do something.”

Using project management procedures developed by the Association’s Project Central team, Curtis and regulatory analyst Katie Clark created a set of tools to help credit unions implement changes for each of the CFPB regulations. Those regulations include:

  • Mortgage Loan Originator Compensation Rule Changes (effective Jan. 1 and Jan. 10, 2014);
  • Homeowners Equity Protection Act Changes (Jan. 10, 2014);
  • Mortgage Ability to Repay Requirement (Jan. 10, 2014);
  • Mortgage Servicing Requirements (Jan. 10, 2014);
  • Higher-Priced Mortgage Loan Appraisals (Jan. 18, 2014); and
  • Equal Credit Opportunity Act (ECOA/Reg. B) Appraisals (Jan. 18, 2014).

Each toolkit includes Charters, Workplans, and Issues Lists to help organize the projects—what needs to be done, who needs to do it, and when it needs to be completed—as well as links to compliance bulletins, videos, and official documents issued by the regulator.  

“The Workplan is the key to RIPT, though,” Curtis says. “We’ve identified the tasks that need to be completed for each rule change. All credit unions need to do is download the Workplan and they can jump-start the whole implementation process.”

As part of the package, the NWCUA will host monthly webinars on the third Thursday of each month to provide status updates on each project—discussing which tasks should have been accomplished since the last webinar, for example, and which tasks should be finished in the upcoming month.

Credit unions can access all of the tools with an annual subscription to RIPT, which costs $399. (Subscriptions purchased before Jan. 1 will include access through the end of 2014.) Additional support, including one-on-one sessions to develop implementation plans tailored to an individual credit union, is available on a limited basis at a higher cost.

Curtis says RIPT will initially be most beneficial to credit unions implementing the CFPB rule changes; institutions that only offer HELOCs probably won’t need the toolkits now. “But we’re not stopping with the mortgage rules,” he says. “As new rules are rolled out by the CFPB, or the NCUA, or any other regulator, we’ll create new toolkits.”

Curtis is hosting a series of webinars to explain how RIPT can strengthen compliance plans. The next one is scheduled for 2:00-2:30 p.m. on Thursday, Oct. 24; there’s another from noon-12:30 p.m. on Wednesday, Oct. 30. Information on both sessions is available here.

For more information about RIPT, contact David Curtis at 206.340.4785 or dcurtis@nwcua.org.

 

Questions? Contact Gary Stein: 503.350.2216, gstein@nwcua.org.

Posted in Compliance, NWCUA.