Compliance Connection Video
The Compliance Connection video for 4th Q 2019 and 1st Q 2020 provides an overview of regulatory changes that may be impacting the credit union, effective in the 4th quarter of 2019 and 1st quarter of 2020. Included are:
- NCUA changes
- CFPB updates
- NACHA Fast Funds Availability
CFPB Publishes additional guidance related to disclosing construction and construction-permanent loans
On December 18, 2019, the CFPB published two Guides, one on disclosing construction and construction-permanent loans with a separate Loan Estimate and Closing Disclosure for each phase of the transaction and one on disclosing one, combined Loan Estimate, and one, combined Closing Disclosure for both phases of a construction-permanent transaction. The Guides provide guidance and illustrative examples for commonly asked about TRID and Regulation Z provisions related to completing these construction and construction-permanent loan disclosures. They are located on the CFPB page under “Guides.”
Source: CFPB
Labor updates Regular Rate regs
The Department of Labor has issued a final rule [84 FR 68736, amending 29 CFR parts 548 and 778] updating a number of regulations on the calculation of overtime compensation both to provide clarity and to better reflect the 21st-century workplace. The changes were made to promote compliance with the Fair Labor Standards Act, provide appropriate and updated guidance in an area of evolving law and practice, and encourage employers to provide additional and innovative benefits to workers without fear of costly litigation. The rule is effective January 15, 2020.
Source: Department of Labor
NCUA Board actions
The NCUA board has announced its approval of two measures at its meeting on December 12:
Source: NCUA
Operators of debt collection scheme banned
The Federal Trade Commission has announced that, under the terms of a settlement agreement with the Commission, the operators of a scheme that conned consumers into paying non-existent debts will be permanently banned from the debt collection business and from misleading consumers about debt. A complaint filed by the FTC against Global Asset Financial Services Group, LLC alleges that the operators of the company falsely claimed to be attorneys or affiliated with attorneys to pressure consumers into making payments on debts they did not owe, and threatened to take legal action against consumers if they did not pay. In addition to being banned from debt collection, debt brokering activities, and misleading consumers, the defendants also will be banned from misrepresenting to consumers whether they are attorneys.
Source: FTC
NMLS renewal period ends soon
The NMLS has posted a reminder that the annual renewal period for registered mortgage loan originators (MLOs) (organizations and individuals) ends December 31. Failure to renew an institution's registration may impact its MLOs’ ability to engage in mortgage loan origination activity, just as failures of individual MLOs to complete their renewal process will prevent them from legally acting in that role after year-end. For complete information, visit the Renew-Reactivate page of the NMLS Federal Registry Resource Center.
Source: NMLS
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