Compliance Center: NCUA Releases 2015 Regulation Review List

Last week, the NCUA released the list of regulations the agency will review in 2015. The agency reviews all of its regulations every three years as part of its overall efforts to streamline, modernize or, where appropriate, eliminate regulations. The regulations being reviewed in 2015 include parts 700 through 710.

“Since 1987, in the interest of transparency, NCUA has reviewed one-third of its regulations each year,” NCUA Board Chairman Debbie Matz said. “This process is about communication and accountability. Our annual regulatory review is a critical piece of NCUA’s commitment to keeping pace with changes in the credit union system. Our goal is a modern, effective regulatory framework that encourages growth, innovation and service to members without jeopardizing safety and soundness.

“Public comments help guide us as we plan future regulatory updates,” Matz said. “I encourage all interested parties to participate in this process.”

Anyone wishing to provide comments on the regulations being reviewed should submit them by August 3, 2015. Comments are welcome as well as substantive suggestions for regulatory changes. Comments may be e-mailed to OGCMAIL@NCUA.GOV or mailed to Regulatory Review (2015), Office of General Counsel, National Credit Union Administration, 1775 Duke Street, Alexandria, Virginia 22314-3428. For e-mailed comments, please include the words “Regulatory Review (2015)” in the subject line.

Compliance Question of the Week

Can we require that loan payments be made via recurring transfers from the member’s account to the loan or a required direct deposit?

No. Regulation E specifically prohibits lenders conditioning a loan approval based on required electronic funds transfer. You can incent the member to set up automatic payments with different programs, like lowering the APR for example, but you cannot require the automatic electronic payments as a condition of the loan.


Legal Briefs

National Credit Union Administration (NCUA)

The NCUA released the agenda for its February 19, 2015 Board Meeting.

The NCUA released an overview of NCUA Larry Fazio’s testimony at the Senate Banking Committee hearing on regulatory relief for community banks and credit unions.

The NCUA announced that it will bring back a live Twitter chat on Thursday, February 26 at 11am EST for America and Military Saves Week. The Twitter chat is aimed at helping consumers develop positive savings behavior.

The NCUA has released the video recording of its January 15, 2015 board meeting.

Consumer Financial Protection Bureau (CFPB)

The CFPB released a report that examines reverse mortgage complaints. The report looks at complaints filed from December 2011 through December 2014.

The CFPB released prepared remarks delivered by Director Cordray during the NCUA’s Town Hall Webinar on February 10, 2015. The prepared remarks cover recent proposals, the TILA-RESPA Integrated Disclosure rule, and discuss the CFPB’s goal of promoting responsible practices in the marketplace.

Federal Deposit Insurance Corporation (FDIC)

The FDIC announced the new members of the Advisory Committee on Community Banking, including a representative from Oregon.

Office of the Comptroller of the Currency (OCC)

The OCC issued a revised booklet titled “Personal Fiduciary Activities” that provides guidance on risks and expected controls over fiduciary activities and accounts.

Financial Crimes Enforcement Network (FinCEN)

FinCEN issued a proposal that will renew the information collection on SAR requirements for Residential Mortgage Lenders and Originators.

FinCEN issued a proposed that will renew the information collection regarding the registration of Money Service Businesses.

FinCEN issued a proposal that will renew the SAR requirements for Money Service Businesses.

Federal Reserve Bank (FRB)

The FRB released the minutes of the February 6, 2015 Federal Advisory Council and Board of Governors meeting.

The FRB released a paper titled “A Tale of Two Vintages: Credit Limit Management Before and After the CARD Act and Great Recession” examining how credit limits were managed before and after two significant events impacted card management.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of January 27, 2015. The last update prior to this was January 16, 2015.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.