Equal Credit Opportunity Act/Regulation B

The Consumer Financial Protection Board’s (CFPB) Regulation B (Reg B) implements the provisions of the Equal Credit Opportunity Act (ECOA) which was enacted by Congress in 1974 to prevent discrimination on the basis of sex or marital status in any aspect of a credit transaction. Subsequent amendments extended the Act's prohibition of discrimination in credit transactions on the basis of race, color, religion, national origin, age (provided the applicant has the capacity to contract), receipt of part or all of one's income from a public assistance program, and good faith exercise of rights under the Consumer Protection Act of 1968.

How does the ECOA affect credit unions?

The ECOA requirements apply to both state and federally-chartered credit unions. Enforcement is vested in the National Credit Union Administration for federally-credit unions and the Federal Trade Commission for state-chartered credit unions.

What actions should credit unions take to ensure compliance with the ECOA?

Credit unions must take steps to ensure that discrimination does not play a part in credit decisions. The regulation also requires credit unions to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwellings-related loans; and to provide applicants with copies of appraisal reports used in connection with credit transactions.

Credit unions should implement policies and procedures to ensure compliance with Reg B.

For additional information, click here for the topic.

Review the information today to help your credit union remain in compliance.


Still Time to Register for Webinars on Cybersecurity and TILA/RESPA Disclosures

There is still time to register for upcoming webinars that may be of interest. The Federal Reserve is hosting a May 26 webinar that will answer FAQs regarding the CFPB’s TILA/RESPA Integrated Disclosure rule. Click here to register.


In preparation for the upcoming TILA/RESPA Integrated Disclosure final rules effective August 1, 2015, CUNA has provided an excellent link on its website to compliance checklists, podcasts and other valuable resources:




Other available resources include:

CUNA’s CompNOTE: The Loan Estimate & The Home Buying Information Booklet.

CUNA’s CompNOTE: The Closing Disclosure

CUNA’s CompNOTE: The Escrow Closing Notice

CUNA’s 10 minute Loan Estimate podcast covering when the disclosure is required

CUNA’s 10 minute pre-Loan Estimate activities podcast

CUNA’s 20 minute podcast on how to determine a good faith estimate for the integrated Loan Estimate

CUNA’s 20 minute podcast: The Loan Estimate – The Content of the Disclosure

CUNA’s 20 minute podcast on when a credit union may issue a revised integrated Loan Estimate

Source: CUNA

Nominations for NCUA consulting assistance open

The NCUA has announced that credit unions that qualify for consulting assistance from its Office of Small Credit Union Initiatives have until May 31 to submit nominations. The application is available online. Credit unions may nominate themselves or be nominated by an NCUA examiner. The consulting services, available at no charge, are provided for a six-month period. Credit unions chosen to participate in the program will be announced in June. The next round of consulting begins July 1, 2015.

NCUA Translates Webpages into Spanish

ALEXANDRIA, Va. (May 12, 2015) ndash; As part of its effort to provide critical financial information to audiences with limited English proficiency, the National Credit Union Administration announced today that it has translated portions of its public website into Spanish.

“These efforts support NCUA’s goal of promoting access to financial services and providing our stakeholders with easily accessible information,” NCUA Board Chairman Debbie Matz said. “This new Spanish-content will communicate the benefits of credit union membership and NCUA’s mission of ensuring the system’s safety and soundness to a new and growing audience, as well as to many in the unbanked or underbanked communities.”

The Spanish-language version of NCUA.gov, available here, includes translations of the agency’s home page, landing pages and press releases. In all, audiences can access more than 500 pages of translated content.

Regulatory and supervisory content that is available online in Adobe PDFs, such as Letters to Credit Unions, NCUA’s Rules and Regulations, Examiners Guide and the National Supervision Policy Manual, have not been translated into Spanish at this time.

NCUA’s translated portions of its website in response to a growing Spanish-speaking population. In 2012, 38.3 million U.S. residents age 5 and older spoke Spanish at home, according to the U.S. Census Bureau. In all, 13 percent of U.S. residents age 5 and older speak Spanish at home.

As NCUA adds new content to the public website, the agency will translate the material into Spanish and post it within three business days. For more information, visit espanol.ncua.gov.

Source: NCUA

CFPB Issues Bulletin to Help Mortgage Lenders Avoid Illegal Discrimination

The CFPB issued a compliance bulletin to help mortgage lenders avoid illegal discrimination against applicants whose income includes vouchers from the Section 8 Housing Choice Voucher (HCV) Homeownership Program. Discriminating against consumers because some or all of their income is from a public assistance program violates the Equal Credit Opportunity Act and Regulation B.

Source: CFPB



Regulatory Relief Update

Last week, the Senate Banking Committee Chairman Richard Shelby announced the Committee will mark-up the Financial Regulatory Improvements Act of 2015 on Thursday, May 21. A draft of the legislation has not been publicly released, but the bill is expected to include a number of provisions aimed at reducing the burden of credit unions and other small financial institutions. There has been a lot of speculation that the scope of the legislation could be much broader than only regulatory relief for credit unions and community banks, which could complicate long-term prospects for the bill. Nevertheless, the Committee mark-up represents an important step in the process, and we will continue to try to influence the composition of the legislation.

On the House side, the Financial Services Committee is expected to hold a full committee mark-up before the Memorial Day Recess which could provide an opportunity to move additional regulatory relief bills. Previously, the Committee approved nine CUNA-supported regulatory relief bills in March, many of which passed the House of Representatives in April.


Source: CUNA

Regulatory Advocacy Report

The CUNA Regulatory Advocacy Report keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law. You can view the current report and past reports from the archive.

Compliance eNEWSLETTER

May 22, 2015
Vol. 9, Issue 20

Created in partnership with the

Credit Union National Association

CUBE TV - Mortgage Amendments

This presentation will provide credit unions with an overview of the compliance changes in mortgage lending.

Download the slides for this presentation by clicking here,

Click here for the video

May, 2015
  • May 25th, 2015: Memorial Day - Federal Holiday
July, 2015 August, 2015 September, 2015 October, 2015 November, 2015
  • November 1st, 2015: Daylight Savings Time Ends


CUNA offers hundreds of online training events that make it easy for you to learn right at your desk. Whether you are looking for a beginner course or want a comprehensive understanding on a specific topic, CUNA webinars, audio conferences and eSchools have what you need. Click here for updates on compliance, operations, lending topics and more!

CUNA Consumer Lending eSchool (2015) 6/1/2015

The Basics of Consumer Lending – Part 1 webinar 6/1/2015

Home Equity Lending webinar (2015) 6/4/2015

The Basics of Consumer Lending – Part 2 webinar 6/8/2015

Consumer Lending Compliance 101 webinar 6/11/2015

Top 100 Trends in New and Used Car Lending - Plus Unsecured Lending webinar 6/15/2015

Advanced Exceptions with International ACH Transactions (IAT) - OFAC Compliance webinar 6/17/2015

Financial Counseling - What to Look for and What to Know as a Lender webinar 6/18/2015

Use of Loan Guaranties Instead of Co-Signers webinar 6/25/2015

CUNA Residential Mortgage Lending eSchool 7/7/2015

Minimizing the Risk of Mortgage Fraud webinar 7/7/2015

Growing Your Purchase Loan Volume - Building Market Share webinar 7/9/2015

Seizing Market Share in a Purchase Market webinar 7/14/2015

Putting Common Sense in Underwriting - Will the Loan Be Repaid or Not webinar 7/16/2015

What is New in Mortgage Lending Compliance webinar 7/21/2015

CUNA Marketing Compliance eSchool 7/22/2015

Appraisal Madness - How to Know if the Value is Supported webinar 7/23/2015

Custom Construction Lending - An Introduction webinar 7/28/2015

Introduction to Financial Management Analysis and Problem Solving webinar 9/10/2015

Custom Construction Lending - Technical Stuff, Best Practices and Red Flags webinar 9/10/2015

Money Mission Demo - Online Financial Literacy Game webinar 09/14/2015

Balance Sheet Earnings webinar 9/17/2015

Introduction to Investments webinar 9/24/2015

Loan and Deposit Pricing webinar 10/1/2015

ACH Origination webinar series 10/13/2015

Forecasting and Budgeting Approaches webinar 10/8/2015

ACH Origination webinar series 10/13/2015

Determining Loan Losses and Strategic Decisions webinar 10/15/2015

CUNA Financial Management eSchool - Part 2 10/22/2015

Advanced Financial Ratios webinar 10/22/2015

Advanced Asset-Liability Management webinar 10/29/2015

Advanced Financial Management Analysis and Problem Solving webinar 11/5/2015

Balance Sheet Earnings webinar 11/12/2015

Identify Interest Rate and Market Risks webinar 11/19/2015

Liquidity and Funding Risk webinar 12/3/2015

Money Mission Demo - Online Financial Literacy Game webinar (12-07-2015)

Forecasting and Strategically Planning for Long-Term Growth webinar 12/10/2015

Managing Credit Risk webinar 12/17/2015