Compliance Center: Cybersecurity and TILA-RESPA Webinars Coming Up

While normally we focus the weekly compliance article on looking at one compliance item of interest, this week we are bringing to your attention two different free webinars that regulators are hosting to help you understand various compliance related items.

On Wednesday May 20, the National Credit Union Administration (NCUA) will host a cybersecurity webinar.  Credit unions can get up-to-date information on cybersecurity and deterring cybercrime on the webinar.  The webinar “Cybersecurity Basics” will run approximately 90 minutes, including a 30-minute Q & A session.  Topics included in the webinar include:

  • NCUA’s collaboration with FFIEC to develop a self-assessment guide for credit unions,
  • Statistics on credit union losses due to cybercrime,
  • Why password protecting documents is outdated,
  • Precautionary measures to protect member information,
  • The consequences of failing to protect information, and
  • Information about the NCUA’s new $7,500 cybersecurity grants for qualified low-income credit unions.

You can find out more information or register for the webinar via the NCUA’s press release.

On Tuesday, May, 26, the Consumer Financial Protection Bureau (CFPB) will host TILA-RESPA Integrated Disclosure, Part 5: Implementation Challenges and Questions.  This fifth and final in the planned series of webinars will address specific questions related to rule interpretation and implementation challenges that have been raised to the Consumer Financial Protection Bureau by creditors, mortgage brokers, settlement agents, software developers, and other stakeholders. In particular, the session will cover industry questions relating to operations and technology challenges, particularly new questions that have arisen as industry is further into implementation.

You can register for this final webinar using this link.  In addition, links to the first four webinars are available on that page.

Compliance Question of the Week

Does a court-appointed guardian have access to a ward’s safe deposit box?

In Washington after the credit union is satisfied with the guardian’s identity and authority as a guardian (e.g., Letter of Guardianship), statute allows the guardian access to the safe deposit box.  Remember that a guardian is appointed to safeguard the assets of another person who has been deemed by the court to be incapacitated.  In order to accomplish these duties, the guardian is allowed access to an already opened safe deposit box, as well as opening a box when necessary.

In Oregon and Idaho, the power would be granted to a conservator or a guardian if a conservator has not been appointed.


Legal Briefs

National Credit Union Administration (NCUA)

  • The NCUA has posted the video of its March 2015 Board Meeting.
  • The NCUA announced that it will host a Cybersecurity webinar on Wednesday, May 20th.  Credit unions can register for the webinar here.
  • The NCUA issued a Board Action Bulletin detailing the outcome of its April Board meeting. The Bulletin includes final rules on regulatory relief regarding federal credit union FOM expansion and corporate credit unions rule amendments, and proposed rules on bridge loans made by corporate credit unions and share insurance coverage on pass-through accounts (implementing the law that was passed at the end of 2014).  
  • The NCUA, along with the other financial regulatory agencies, issued a final rule on minimum requirements for appraisal management companies (AMC). The rule establishes minimum requirements for state AMC registration and supervision, but does not require the states to do so. However, the rule does bar non-federally regulated AMCs from providing appraisal management services for any federally related transaction. The rule will become effective 60 days after its publication in the Federal Register. 

Consumer Financial Protection Bureau (CFPB)

  • CFPB Director Cordray delivered prepared remarks at the White House Conference on Aging Regional Forum. Cordray’s remarks focused on the tools the CFPB has developed to help consumers understand their rights and how the CFPB’s Office for Older Americans is working to help protected older Americans.
  • The CFPB announced the release of its third annual Fair Lending Report. The report covers fair lending issues that the CFPB has looked into, and in some cases took action, over the past year including mortgage and auto lending.
  • The CFPB announced that it fined Regions Bank $7.5 Million for unlawful overdraft practices. The violations were largely centered on the bank’s failure to obtain the required opt-ins (under Regulation E) for ATM and one-time debit card transactions for certain consumers.

Federal Housing Finance Agency (FHFA)

  • The FHFA has released its March index which shows that mortgage interest rates increased during the month. 

Federal Deposit Insurance Corporation (FDIC)

  • The FDIC has announced that it will hold a teleconference on May 21, 2015 that will focus on the CFPB’s mortgage rules. FDIC examiners will also share observations that they have noted during initial examinations. Registration for the webinar is available here

Federal Reserve Board (FRB)      

  • The FRB released a statement detailing the March 2015 Federal Open Market Committee meeting.
  • The FRB has released its monthly Foreign Exchange Rates for April 2015.

Office of Foreign Assets Control (OFAC)     

  • OFAC has updated the SDN list as of April 28, 2015. The last update prior to this was April 23, 2015. 

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NCUA.