Regulatory Update, 10-3-2018, Weekly Regulatory Advocacy Report

by Tim Pierce and Dave Hawkins | Oct 03, 2018

NCUA and Other Regulators Issue CIP Exemption Order
NCUA jointly issued an Exemption Order for the Customer Identification Program requirements for certain property and casualty finance contracts provided by credit unions to small businesses.  Credit unions must still comply with all other regulatory requirements of the Bank Secrecy Act including the requirement to file suspicious activity reports as applicable.
 
BCFP Seeks Comments on Global Collaboration Network
The Bureau of Consumer Financial Protection (BCFP), in collaboration with 11 financial regulators and related organizations, seeks comments regarding a consultation document on a Global Financial Innovation Network (GFIN).  The network will seek to provide a more efficient way for firms to interact with regulators.
 
This interaction is designed to help organizations navigate between countries as they look to scale new ideas.  The GFIN will also create a new framework for cooperation between financial services regulators on innovation-related topics.
 
Comments are due to the bureau’s Office of Innovation by Oct. 14.
 
BCFP Issues Report and RFI on the Bureau’s Sources and Uses of Data
The Bureau issued a report and Request for Information (RFI) regarding the Bureau’s sources of data and how data is used.  The report provides transparency into how the Bureau collects and uses data and the accompanying RFI gives the public an opportunity to comment on those practices.
 
To carry out its statutory functions and obligations, the Bureau obtains data to inform its decisions.  To date, the Bureau has undertaken more than 188 data collections from public sources, government agencies, commercial vendors, financial institutions, and consumers.
 
The Bureau will begin accepting comments once the RFI is printed in the Federal Register, and the comments will be accepted for 90 days.
 
Pending Regulatory Comment Call
Upcoming Effective Dates
Regulatory Update is a compliance resource delivered by email only.  All Regulatory Updates are available on the League's website.  If you have any questions, please don't hesitate to contact Joe GuilfoyCraig DauksasTim Pierce or Dave Hawkins.  If there is someone else at your credit union who should receive these updates, or if you would like to be removed from our list, please send a reply e-mail.