ARLINGTON, Va.—What are credit unions’ top five compliance concerns today?
According to a list assembled by NAFCU’s compliance team, those top five are:
- Remote deposit capture (RDC): As CUToday.info reported, earlier this year, multiple credit unions reported receiving letters from a firm alleging that the credit union's RDC function infringed on USAA's patents. NAFCU Vice President of Regulatory Compliance Brandy Bruyere details steps credit unions that receive a letter can take.
- TRID 2.0: CUs are paying attention to potential statutory damages for errors in a loan estimate or closing disclosure.
- Customer due diligence (CDD) and beneficial ownership provisions: NAFCU Noted its NAFCU Compliance Blog provides credit unions with a refresher on Office of Foreign Assets Control (OFAC) requirements and how they impact compliance with the Bank Secrecy Act's (BSA) CDD and beneficial ownership provisions.
- Mortgage servicing bankruptcy statements: BCUs reported that they were focused on the latest requirements for modified periodic statements for members in bankruptcy.
- Cybersecurity awareness: With October being Cybersecurity Awareness Month, NAFCU said its compliance team has also been fielding questions about credit unions' information security requirements and NCUA's Automated Cybersecurity Examination Tool (ACET).