Proposal would postpone TILA/RESPA Integrated Disclosure date to October 3
The Consumer Financial Protection Bureau has issued its promised proposal to delay the effective date of its TILA/RESPA Integrated Disclosure (TRID) rule, dubbed the "Know Before You Owe" rule by the Bureau, not to October 1, as it announced earlier, but to October 3, 2015, to accommodate lenders planning on a Saturday effective date. The proposal is 23 pages long, including prefatory text explaining the reasons for the proposed postponement -- the Bureau does acknowledge that it "has learned that delays in the delivery of system updates have left creditors and others with limited time to fully test all of their systems and system components to ensure that each system works with the others in an effective manner." Also included are a number of proposed changes to the text of the regulation and commentary in which specific references to the current effective date of August 1 are included. Comments on the proposal are due by July 7, 2015.
Cyber Security Resources Provided
With data breaches and information “stealing” occurring all over the world and in all business and financial arenas, the NCUA has provided a link to Cyber Security Resources. Information here is designed to assist credit unions in learning more about how cyber security affects the industry, provides NCUA regulation information, includes FFIEC booklets on this type of crime, and much more.
FFIEC Releases Cybersecurity Assessment Tool
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today released a Cybersecurity Assessment Tool (Assessment) to help institutions identify their risks and assess their cybersecurity preparedness.
Financial institutions of all sizes may use the Assessment and other methodologies to perform a self-assessment and inform their risk management strategies. The release of the Cybsercurity Assessment Tool follows last year’s pilot assessment of cybersecurity preparedness at more than 500 institutions. The FFIEC members plan to update the Assessment as threats, vulnerabilities, and operational environments evolve.
In addition to the Assessment, the FFIEC has also made available resources institutions may find useful, including an executive overview, a user’s guide, an online presentation explaining the Assessment, and appendices mapping the Assessment’s baseline maturity statements to the FFIEC Information Technology Examination Handbook, mapping all maturity statements to the National Institute of Standards and Technology's Cybersecurity Framework, and providing a glossary of terms.
The FFIEC members are also encouraging institutions to comment on the Assessment through an upcoming Paperwork Reduction Act notice in the Federal Register.
The FFIEC provides several resources to further awareness of cyber-threats and help financial institutions improve their cybersecurity. These resources are available on the FFIEC website at http://www.ffiec.gov/cybersecurity.htm.
Link: Cybersecurity Assessment Tool webpage
NCUA Hosting Webinar on Compliance
ALEXANDRIA, Va. (July 1, 2015) – Keeping pace with regulatory changes is important, and an upcoming National Credit Union Administration webinar, “Fine-Tuning Your Compliance Program: Common Compliance Violations,” will provide valuable information about best practices for avoiding violations.
The webinar is scheduled for Tuesday, July 21, beginning at 2 p.m. Eastern. There is no charge. Qualifying attendees will be offered a certificate of attendance.
The webinar will hosted by Diane Rector, training manager with NCUA’s Office of Small Credit Union Initiatives, and Kathryn Baxter, Office of Small Credit Union Initiatives program manager. They will be joined by:
- Judy Graham, program officer with NCUA’s Office of Examination and Insurance;
- Patrick Truett, information systems officer with the Office of Examination and Insurance;
- Matt Nixon, program officer with NCUA’s Office of Consumer Protection;
- JiJi Bahhur, director of regulatory compliance for the National Association of Federal Credit Unions; and
- Bernadette Clair, senior regulatory compliance counsel for the National Association of Federal Credit Unions.
The panel will discuss how credit unions can navigate common compliance issues and examine various compliance areas of interest.
Online registration is available here. Participants will use the same link to log into the webinar. Registrants should allow pop-ups from this website. The webinar will last 90 minutes.
Participants may submit questions in advance at WebinarQuestions@ncua.gov. The subject line of the email should read, “Compliance Violations.”
Participants with technical questions about accessing the webinar may email email@example.com. This webinar will be closed captioned and then archived here approximately three weeks following the live event.
NCUA’s Office of Small Credit Union Initiatives fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions, minority depository institutions and credit unions with a low-income designation.