Compliance Guide for Credit Unions
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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.
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:
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
Chapter 25 Bank Secrecy Act
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