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REGular Blog

In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.

  • Transparency Needed in Any Future NCUA Call Report Changes
    February 29, 2024

    Credit unions support a more transparent process for changes to NCUA’s call report, America’s Credit Unions’ Ann Petros wrote to NCUA Chairman Todd Harper Wednesday. Changes to the call report—proposed by the NCUA Board in December and effective March 31—require credit unions with more than $1 billion in assets to list income related to overdraft fees and non-sufficient funds (NSF) fees in the call report.

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  • REGular Blog: An Update on NCUA Requiring Large Credit Unions to Report Overdraft and NSF Fee Income
    February 27, 2024

    A couple of weeks ago we wrote about NCUA Chairman Todd Harper's speech and discussion at the Brookings Institution, during which he discussed how NCUA would be amending the Call Report to require large credit unions (in this case meaning more than $1 billion in total assets) to report income from overdraft fees and NSF fees. He stated the agency was working on the change through the Paperwork Reduction Act. Today we are looking at what exactly are the changes that are being proposed as well as what is still unclear about the proposed change.

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  • FinCEN Sees Increase in BSA Reporting Involving the Use of Convertible Virtual Currency for Online Child Sexual Exploitation and Human Trafficking
    February 27, 2024

    The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA)  today reflecting an increase in Bank Secrecy Act (BSA) reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking. This FTA is based on BSA reporting filed between January 2020 and December 2021. FinCEN’s analysis highlights the value of BSA reporting filed by regulated financial institutions.

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  • FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
    February 22, 2024

    On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles related to residential property appraisal and valuation practices for member entities to consider in their consumer compliance and safety and soundness examinations. The principles are intended to aid member entities in assessing whether supervised institutions’ compliance management systems and risk management practices are appropriate in identifying and mitigating risks due to discrimination or bias as well as promoting credible valuations.

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  • NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume
    February 20, 2024

    If you’ve been following regulatory compliance developments over the past 18 months or so, then you’ve likely noticed that the regulatory agencies have increased their scrutiny of certain fees charged by credit unions. While numerous fees have been targeted, the agencies have focused the most attention on overdraft and non-sufficient funds (NSF) fees.

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  • League’s Reg Compliance Update Set for March 13
    February 20, 2024

    Count on your League to help you manage today's complex regulatory compliance environment! We've scheduled the first of this year’s quarterly virtual updates for March 13. These virtual updates are designed to aid your team in building its compliance resources and boosting its regulatory expertise. Register now.

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  • REGular Blog: FFIEC Issues Statement on Exam Principles Related to Real Estate Valuation Discrimination and Bias
    February 16, 2024

    Just this week (Feb. 12, 2024), the Federal Financial Examination Council (FFIEC) issued a statement to communicate principles for the examination of residential property appraisal and evaluation (valuation) practices to mitigate risks that may arise due to potential discrimination or bias in those practices; and to promote credible valuations. When it comes time for your exam, whether it is a safety and soundness exam or a specific consumer compliance exam, expect a review of risk management processes for residential lending activity. Here are additional details to help your credit union prepare!

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  • NCUA Share Insurance Fund Update: Diving into CAMELS Code Data
    February 15, 2024

    NCUA held its February Board meeting today, which included a quarterly update on the share insurance fund. We've seen a growth in both the number of CAMELS 3/4/5 credit unions, as well as the shares and assets they hold, in recent quarters. Let's see how things looked at year-end.

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  • NCUA Issues HMDA Reg Alert
    February 15, 2024

    The NCUA issued a Regulatory Alert to provide information on which credit unions must comply with the Home Mortgage Disclosure Act (HMDA) reporting requirements under the CFPB’s Regulation C. In the alert, the NCUA explained that credit unions must collect HMDA data associated with mortgage loan applications processed during 2024 if the credit union meets the four following criteria ...

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  • REGular Blog: What We Can Learn from the Fed's Consumer Compliance Outlook
    February 12, 2024

    The Federal Reserve recently published its quarterly issue of the Consumer Compliance Outlook. This publication generally focuses on what the Federal Reserve is identifying in the review of banks under their purview. This offers us an opportunity to see some trends (regulatory agencies tend to focus on similar things) and gain expertise on how we can jumpstart and improve our processes and avoid similar violations.

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