Tonya Sweat, NCUA's Consumer Compliance Policy and Outreach Director, will provide an update on NCUA's Office of Consumer Protection and discuss the NCUA's consumer compliance and Fair Lending examination focus for 2014.
Consumer and Mortgage Lending Update
This session will focus on recent developments in consumer lending including the CFPB's recent action and future focus. It will also cover an overview of the changes in the mortgage lending compliance environment and the CFPB's mortgage rules. We will discuss any changes related to flood insurance, HMDA or other areas of mortgage compliance. We will also utilize this time to discuss recent issues in Fair Lending and how your credit union can avoid common compliance violations.
- Review the new 2014 consumer and mortgage lending regulations
- Identify current and ongoing challenges with the CFPB's 2013/2014 amendments
- Discuss Fair Lending and what issues the CFPB and NCUA are focused on
- Discuss how to avoid Fair Lending issues and how to identify risks
- Outline changes to Fair Lending regulations including HMDA
Getting a Seat at the Big Table - And Keeping It!
The compliance burden on credit unions has increase dramatically the last several years. But the power and authority to implement required changes has not followed in many credit unions. Compliance needs to move from a necessary evil to an essential element of operations. This session will explore practical ways to achieve a larger compliance means.
- Identify the role of compliance and its positive impact on all other operational areas
- Mapping out the credit unions management maze and discovering the best path to the center of it
- Learn effective communication tips to gain the compliance advantage
- Share your best practices and success stories with the group
- Walk away with the tools and techniques for gaining greater authority and getting a seat at the big table
Compliance Update – Some Further Thoughts
Compliance Update from Washington
How Credit Union Involvement in the Advocacy Process Makes a Difference
Overview of the CFPB
We'll utilize this time break into small groups to network while sharing compliance trends, challenges, and best practices.
CUCE Recertification Study Session
We'll highlight regulatory changes that have occurred from 2012 until now. For those of you recertifying, this is an opportunity for you to review the regulatory changes you will be tested on. This session is required for those taking the recertification exam and optional for those who are not.
- Review the regulatory changes that have taken place from 2012 to 2014
- Understand what you need to know for the recertification exam
CFPB Mortgage Rules
Now that credit unions have implemented the 2013 CFPB mortgage rules, we'll discuss where you may have some common errors/mistakes. We'll cover any new rules or guidance that the CFPB has issued related to mortgage rules and learn about issues still lingering with the 2013 rules. Make sure you haven't missed any of the new guidance or new rules that have been issued. We will "get into the weeds" of the CFPB changes and any new mortgage rules or amendments that have been issued.
- Discuss implementation issues with the CFPB mortgage rules
- Learn the details of new mortgage rule amendments
- Share your experience in managing these mortgage rule changes
Accounts for Businesses and Organizations Made Easy
If your credit union wants to do business lending, it must know how to offer and manage business and organization accounts. An important aspect to offering this important service is understanding the key legal and contractual issues concerning due diligence, opening and maintenance issues that affect all business and organization accounts at your credit union.
- Learn the important issues to address prior to the business-member relationship
- Identify the key due diligence issues to verify to establish the business-member relationship
- Address a number of important issues to maintain the business-member relationship
Social Media in the Workplace
Review and discussion will focus on regulatory compliance and the risk associated with social media, privacy laws and the workplace. At the conclusion of this session, compliance officers will gain knowledge to identify appropriate social medial use, best practices and controls. (This session is worth 1.5 HRCI credits)
- Review acceptable social media workplace practices
- Discuss legal case studies - examples of employer social media abuse (what went wrong)
- Review a workplace social media policy example and words of caution
- Walk away with a guideline to establish / review workplace social media practices
Servicemembers Civil Relief Act
Members now have a "right of private action" meaning they can sue a credit union that violates the Act. There is also a criminal penalty for even trying a self-help repossession. Lawsuits can be stopped dead in their tracks, for as long as the Judge wishes, interest rates can be reduced to 6% even six months after the member returns to civilian life, and the member's spouse can take refuge in some of the Act's provisions.
During this session, you'll:
- Discuss the extent of the new provisions, whom they apply to, when and how
- Learn how to stay out of jail, how to dodge the wrath of a Judge with a service record, and how to avert the Act when the member has actually improved himself financially by enlistment
- Walk away with a comprehensive outline of the Act's salient provisions that apply to you, and a new appreciation of its requirements
Effective Use of Compliance Resources
There are numerous government and private sector compliance resources available to credit unions that range from free-ware to extremely expensive solutions. But how do you identify those resources that work for your credit union while achieving your goals? This session will review the world of compliance resources and address how to use various resources to achieve all your credit union's key goals!
- Participate in an overview of the world of compliance resources
- Learn the pros and cons of all major compliance resources
- Obtain insights into completing due diligence and ROI on the critical resources (to obtain the best ROI for the time and money invested in various resources)
Putting Knowledge into Action: Auditing for Compliance
It's never enough to know the rules and the correct course of action for your credit union; you have to do it! This session focuses on effective action plans for conducting and utilizing compliance audits to test the effectiveness of your compliance program.
- Discuss how to take compliance from policy to practice
- Identify compliance audit resources
- Review best practices for creating a perfect paper trail
- Leave with an action plan that you can use back at your credit union
Remote Deposit Capture
Allowing members to image checks (through programs such as remote deposit capture) is not only exciting because of its service features, but also because there's little if no legal guidance on numerous check imaging issues. This program will address a number of contract and legal issues that your credit union should be aware of when offering your members check imaging services.
- Understand the important issues to address prior to offering the RDC service
- Learn the numerous key contractual, loss prevention and recovery issues for the RDC service
- Be apprised of the special problems that arise with imaging checks
Reading the NCUA Examination Tea Leaves
The NCUA has amended its examination process and this session will focus on the changes and the opportunity to utilize the examination as a positive, quality assurance component rather than an enemy invasion. The goal is for the attendee to gather tools and techniques to spend less time and get better results from a regulatory examination.
- Review the 2014 NCUA examination focus
- Discuss the changing format of DOR's (Document of Resolution)
- Learn a new format for findings
- Learn how to get an examination kicked off
The Importance of an Effective Member Complaint Process
With the ongoing changes in consumer protection regulations and the addition of the NCUA Office of Consumer Protection and the Bureau of Consumer Financial Protection, member complaints and consumer protection are in the spot light now more than ever. Managing complaints effectively is a key factor in the credit union's overall success. This interactive discussion will highlight:
- NCUA's Office of Consumer Protection and the Bureau of Consumer Financial Protection complaint processes
- Using complaints to uncover potential violations
- Establishing an effective investigation and resolution process
Practical Policy Pointers – Digging Deep to Solve the Policy Puzzle
Every time an examiner walks into the credit union, the first thing they ask for are policies. Policies contain the rules, guidelines and strategic goals that a credit union follows to govern its actions and are also the guiding principles that give direction to the employees of a credit union. This session will review the policies that are required by regulation, review the resources available and define the difference between a policy and procedure. Attendees will learn how to write a policy and apply what they learn through interactive policy creations and better understand policy contents that keep you in compliance without binding the credit union to unnecessary and burdensome requirements.
- Review the regulatory required policies that every credit union must have
- Assist attendees in understanding the difference between a policy and procedure
- Review resources available to assist credit unions in creating and managing credit union policies
- Provide a hands-on opportunity to learn how to create a policy
Recognizing and Reacting to Risk: Risk Assessments Made Manageable
Have you wondered what a risk assessment should look like, how to build one, where to start, how to maintain or just simply have questions about risk assessments? Join this interactive session on risk assessments to get answers to your questions and leave with your own risk assessment plan.
- Learn the components of risk strategy
- Learn how to identifying risks
- Compare measurement techniques
- Discuss accountability and action plans - putting an assessment to work
- Build a risk assessment plan – each attendee will leave with their individual risk assessment plan
Managing and Maintaining an Effective Compliance Program
Does your compliance program need some fresh ideas? Are you drowning in the sea of regulations and looking for ideas to gain simplification? Or have you successfully solved some of the challenges of managing and maintaining an effective compliance program and want to share solutions with the group? If you have answered "yes" to any of these questions, join this interactive session. You'll have an opportunity to network and discover what has or has not worked for your peers, share your successes and challenges, and gain new ideas to take back home.
- Identify 11 building blocks that can assist in building and maintaining a professional and effective compliance program
- Discuss the importance of written, quarterly compliance goals
- Learn how to boil a regulation down to a one or two page staff training document, which is customized to your own operation
- Explore ideas for getting staff and management buy-in & participation in your compliance program
- Identify some ideas on how to get staff involved with helping on compliance projects
- Review an example of an effective written compliance policy
- Share challenges and best practices with the group
- Walk away with some fresh, creative ideas for to help you and your compliance program cope with the overwhelming challenges you are facing today
Credit Reporting Risks – It is Just the Number
There has been an alarming increase in consumer related litigation against credit unions involving credit reporting. The Fair Credit Reporting Act and FACT Act apply to every credit union that reports information on their members to a credit reporting agency and the fines for improper reporting can be substantial. New regulations impose the duty on the credit union to reinvestigate disputes about the accuracy of information contained in a consumer report based on a direct request from a consumer.
- Gain an understanding of your duties under the Fair Credit Reporting Act
- Discuss regulatory guidance and complaint implications
- Discuss how much investigation is enough
- Learn how to create the perfect paper trail
- Understand data accuracy and integrity issues
Electronic Services – Managing the Compliance Risk
It's getting to the point where a credit union that wants to grow will have to provide more and more electronic services to its members. And in the rush to provide the latest and greatest electronic services, sometimes compliance risk gets overlooked or paid passing attention. Credit unions must understand that mobile banking, online banking, websites, ATM/debit cards and other electronic services carry great compliance risks - disclosures and agreements, federal regulations, state laws, security, fraud, UDAAP, identity theft and more.
In this session, we'll discuss:
- Major areas of compliance risk
- Potential liability and increased reputation risk
- Regulations that must be addressed
Attendees will learn about:
- Seemingly insignificant issues that if overlooked can cause big headaches
- Error resolution requirements
- The need for strong contracts and disclosures
Attendees will take away:
- Ideas to help mitigate compliance risk
- Best practices for error resolution
- Resources for compliance risk management
As part of the session, we'll ask attendees to share ideas, best practices, and horror stories about their credit unions' forays into electronic banking.