2012 Third Quarter Compliance and Regulatory Issue Review.
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Transcript of 2012 Third Quarter Compliance and Regulatory Issue Review.
Overview of 3rd Quarter Compliance Issues
• Bank Secrecy Act – Electronic Filing/New Formats
• FCC Telemarketing Rules
• NCUA – Interest Rate Risk
• NCUA – Troubled Debt Restructuring
BSA E-Filing Guidance
• Electronic filing required by July 1, 2012
• New CTR and SAR formats
• CTR filing within 15 days – required by March 31, 2013
• SAR continued activity filing clarification
For additional information: http://www.fincen.gov/forms/e-filing/And CUBE TV: http://mi.cubetvonline.com/cubetv/index.php?view=video&id=763
FCC’s Telemarketing Rules
• Opt-out must be provided for prerecorded telemarketing calls
For additional information: http://www.gpo.gov/fdsys/pkg/FR-2012-06-11/pdf/2012-13862.pdf
And: http://www.fcc.gov/document/fcc-strengthens-consumer-protections-against-telemarketing-robocalls-0
Interest Rate Risk Policy & Program• NCUA Letter to Credit Unions 12-CU-05
• Comprehensive IRR written policy;
• Accountable oversight by the Board and management;
• Measurement and monitoring systems;
• Internal controls; and
• Decisions based on IRR measurement results.
For additional information: http://www.ncua.gov/Resources/Pages/LCU2012-05.aspxAnd CUBE TV: http://mi.cubetvonline.com/cubetv/index.php?view=video&id=834
TDRs - Loan Workouts – Nonaccrual• NCUA – 12 CFR 741 - Troubled Debt
Restructuring and Loan Workout and Nonaccrual Policy
Relaxed reporting requirements
New written loan workout policies
Loans over 90 days past due must be on nonaccrual
For information on TDR’s: http://www.ncua.gov/Legal/Documents/Regulations/PR20120126LoanWorkouts.pdfAnd CUBE TV: http://mi.cubetvonline.com/cubetv/index.php?view=video&id=790
Fourth Quarter Compliance Issues
• Required reviews and audits
ACH
S.A.F.E. Act
• Unlimited share insurance for non-interest bearing accounts expires
For information on Share Insurance: http://www.ncua.gov/Legal/GuidesEtc/GuidesManuals/NCUAHowYourAcctInsured.pdf
CFPB Focus as of June 2012:
For additional information: http://www.consumerfinance.gov/notice-and-comment/And: http://www.consumerfinance.gov/regulations/fall-2011-statement-of-regulatory-priorities/
• Electronic fund transfers• RESPA• Equal Credit Opportunity
Act• Fair Credit Reporting• Privacy of consumer
financial information• Truth in Savings & Lending
• S.A.F.E. Act• Home Mortgage Disclosure
Act• Fair debt collection practices• Private education lending• Pre-dispute Arbitration • Overdraft programs• Prepaid cards• Elder Abuse
CFPB
NCUA Pending Changes
Information on Fleet: http://www.ncua.gov/News/Press/NW20120918CUFlex.pdfInformation on Reg. Relief: http://www.ncua.gov/about/Pages/Board%20Actions/BAB20120920.aspx
• Fleet Vehicle definition amended – 5• Newly Proposed Rules for Regulatory Relief
“Small Entity” – from $10M to $30M Rural District Definition Variable-rate TIPS Investments Payday Alternative Lending