Compliance Guide for Credit Unions

With the flood of new laws and regulations coming from Washington, it is more important than ever for credit union management and directors to understand how to stay in compliance. This comprehensive resource, written by Jeffrey Torp, helps a credit union establish and maintain an effective compliance management system. Each chapter focuses on a single regulation or law and discusses the regulation's purpose, coverage, any exemptions, disclosure and reporting requirements, and liabilities for noncompliance.

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Complying with federal regulations is increasingly important as new laws and regulations, and changes to existing laws and regs, keep coming at a rapid pace. New consumer regulations govern everything from loans to teller operations to electronic banking. Credit unions must constantly be aware of the changes surrounding them.

Compliance Guide for Credit Unions is designed to help you establish an effective compliance management system and understand the requirements of each law and regulation, to ensure that your credit union is in compliance.

The first part of the manual, Managing Your Compliance Program, provides an overview of the entire compliance function. The second part examines each of the relevant regulations and explains them in a practical, usable form. Each chapter discusses the regulation's purpose, coverage, any exemptions, disclosure and reporting requirements, and liabilities for noncompliance. Whenever appropriate, there are regulatory forms or model forms that relate to a variety of requirements, including reporting and disclosure. There also are plain, straightforward examples throughout the book to help illustrate the often complex material found in the regulations.

Print and eBook subscribers will receive access to a downloadable file containing editable forms.

Editable Documents

The publication subscription includes downloadable files delivered through the LexisNexis® Store download center. The downloadable files include the following features:

•  The entire publication is provided in a Folio infobase, offering a robust search engine and the ability to jump from one search match to the next through the entire publication. The Table of Contents for the entire publication can be viewed side-by-side with the text.

•  Editable Microsoft® Word files are included in the Folio infobase and can be downloaded and customized. The Word files are fully formatted and will be updated to reflect changes made in corresponding text sections of the publication. Word files are provided for a variety of documents, including exhibits, checklists, sample policies, sample procedures, sample audits, questionnaires, and model forms.

This publication includes editable Word files for the following documents:

No.     Title
1.1      Model Compliance Officer Position Description
1.2      Model Compliance Standards and Practices
2.1      Qualifications of Supervisory Committee Members
3.1      Sample Statement of Policy
3.2      Sample Loan Policy Statement
8.5      Regulation Z Checklist
9.14    Appendix MS-2 to Part 1024 — Notice of Servicing Transfer
9.15    Appendix MS-3 to Part 1024 — Model Force-Placed Insurance Notice Forms
9.16    Appendix MS-4 — Model Clauses for the Written Early Intervention Notice
9.1      Real Estate Settlement Procedures Act
13.4    Fair Lending Policy
13A.1  Sample SAFE Act Policies and Procedures

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Table of contents

Managing Your Compliance Program

Chapter 1 The Compliance Officer

Chapter 2 Other Key Members of the Compliance Team

Chapter 3 Formulating the Compliance Policy Statement and Implementing the Compliance Policy

Chapter 4 Developing a Compliance Audit Program

Chapter 5 Starting and Maintaining a Compliance Training Program

Chapter 6 Responses to Compliance Issues

Chapter 6A Regulatory Structure


Chapter 7 Credit Union Loans to Members

Chapter 8 Regulation Z: Truth-in-Lending Act

Chapter 9 Real Estate Settlement Procedures Act

Chapter 10 Tax Information Reporting for Sales of Property

Chapter 11 The Flood Disaster Protection Act and the National Flood Insurance Act

Chapter 12 Real Estate Lending Standards

Chapter 13 Fair Lending Overview

Chapter 13A Mortgage Loan Originator Registration (SAFE Act)

Chapter 13B Homeownership Counseling and SCRA Notice


Chapter 14 Regulation C: Home Mortgage Disclosure Act

Chapter 15 The Equal Credit Opportunity Act (Regulation B)

Chapter 16 NCUA Nondiscrimination Requirements

Chapter 17 Americans with Disabilities Act of 1990

Credit and Collection Practices

Chapter 18 Fair Credit Reporting Act

Chapter 19 Credit Practices Rule

Chapter 20 Regulation M, Consumer Leasing

Chapter 21 Fair Debt Collection Practices Act

Share Account Disclosures

Chapter 22 Regulation CC: Expedited Funds Availability Act

Chapter 23 Regulation D: Reserve Requirements

Chapter 24 Truth-in-Savings Act

Bank Secrecy

Chapter 25 Bank Secrecy Act

Regulation E

Chapter 26 Regulation E: Electronic Fund Transfer Act


Chapter 27 Right to Financial Privacy Act, Financial Institution’s Regulatory Act

Chapter 28 Depository Institution Management Act and Other Conflict-of-Interest Provisions

Chapter 29 Lending to Servicemembers

Chapter 30 Accuracy of Advertising and Notice of Insured Status

Chapter 31 Regulation U Requirements

Chapter 32 Homeowners Protection Act of 1997

Chapter 33 Privacy and Security of Consumer Financial Information

Chapter 34 IRS Information Reporting Requirements, TINs and Backup Withholding

Chapter 35 Regulation II: Debit Card Interchange Fees and Routing