NASCUS Hones In On Examination, Compliance Issues For 2011
ARLINGTON, Va. — Examination and compliance issues related to the SAFE Act, Dodd-Frank Act and others are at the top of NASCUS' priorities for 2011.
NASCUS Executive Director Mary Martha Fortney listed the following items as top issues for the trade association in 2011:
• SAFE Act: the registration phase of the SAFE Act is expected to begin early in 2011, most likely in January.
• Corporate CUs: the comment period on NCUA's corporate rule closes at the end of January, and NASCUS continues to work with NCUA on this issue.
• Dodd-Frank Act: "There's been a tremendous amount of rulemaking coming out of Dodd-Frank, so we continue to monitor this closely," Fortney offered, noting that NASCUS recently met with Steve Antonakes of the Consumer Financial Protection Bureau (which was created under Dodd-Frank) to ensure that state regulatory authority is preserved. "We want to ensure that in sharing information between CFPB and state agencies that a memorandum of understanding exists," she added.
Although the CFPB is only supposed to have jurisdiction over institutions with $10 billion in assets or more, meaning only three credit unions would be affected at this time, NASCUS pointed out that CFPB will still have "back-up" authority over institutions under the $10-billion threshold.
• FTC's Mortgage Acts & Practices advertising rule: NASCUS is seeking an exemption from this rule for credit unions. The association said the advertising disclosure requirements duplicate existing rules that are already applied to credit unions.
• Supplemental Capital: NASCUS has long been a supporter of creating some sort of supplemental or alternative capital for credit unions and will continue those efforts. "We will work to ensure that the new Congress, and new members of Congress, understand why supplemental capital is so important," Fortney said.
• Education & Training: NASCUS will continue to provide education and training for state regulators through its accreditation program. So far, 28 states have earned accreditation.