John Zasada, Compliance Consulting Director, Financial Institutions Group
On March 2, 2021, National Credit Union Administration (NCUA) Chairperson Todd Harper spoke at the CUNA GAC Conference. His remarks highlighted the NCUA is at a crossroads for several important areas, including regulatory compliance. Mr. Harper believes the agency must do more to ensure credit unions are complying with federal consumer protection regulations.
In some cases, NCUA examiners found weaknesses in credit union compliance management systems. NCUA examiners also found compliance violations of the Fair Credit Reporting Act, Electronic Fund Transfer Act and the Truth in Lending Act. Due to compliance management system deficiencies, as well as violations of the aforementioned regulatory requirements, Mr. Harper is calling for NCUA to create a dedicated program to supervise for compliance with consumer financial protection and fair lending laws.
Need assistance with your credit union’s regulatory compliance management? Contact Doeren Mayhew’s regulatory compliance specialists.
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