Compliance a Top Priority of NCUA in 2019
The National Credit Union Administration (NCUA) released its supervisory priorities for 2019. NCUA outlined six priority areas and two of the first three are compliance related. The number one priority is Bank Secrecy Act (BSA) compliance. NCUA stated that its exams will be even more in-depth, with a focus on customer due diligence rules and beneficial ownership identification and verification. NCUA’s third priority is consumer compliance. Three specific regulatory compliance areas mentioned are the Home Mortgage Disclosure Act (HMDA), the Military Lending Act (MLA) and Regulation B adverse action requirements. Consequently, verify that BSA, HMDA, MLA and Regulation B adverse action requirements are included in your compliance monitoring and auditing programs in 2019.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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