We’re trying something new! In lieu of our annual three-day compliance school we are adding to the curriculum and spreading out the training over the entire year. No more classroom burnout! You can take one section or all of them. Our training will be based off of CUNA’s RegTrac training program and is great preparation for the Credit Union Compliance Expert (CUCE) certification exams*.
Section 3: Consumer Lending Regulations
During this session of Compliance School we will cove laws and regulations that govern consumer lending.
- Truth in Lending: This law requires full and accurate disclosures of credit terms. We will cover Reg Z briefly, but save the bulk of our Reg Z discussion for the Regulation Z boot camp in July.
- Equal Credit Opportunity: Credit unions cannot discriminate on a prohibited basis regarding any aspect of a credit transaction. You “discriminate” whenever you treat any person less favorably than others. We will discuss what you need to do to comply with this law.
- Servicemember’s Civil Relief Act: Special lending rules apply to men and women in the armed forces. Failure to comply with this law could result in regulatory fines, and major damage to your credit union’s reputation.
- Fair Credit Report Act: Whew! This is a big one. This law governs the treatment of member information by credit reporting agencies and the use of this information by financial institutions. The passage of the Fair and Accurate Credit Transaction Act (FACTA) added even more requirements. From identity theft to use of medical information, there is a lot you need to know.
- Fair Debt Collection Practices: Ok, this one really doesn’t have much impact on credit unions since it applies only to third parties that collect debt. However, there are some best practices that are helpful to know, and you will need this information to oversee any third parties you contract with to collect debt.
- NCUA Business Regulations and Primary Loan Regulations: Learn about NCUA specific rules for credit union loans.
- UCC: We’ll cover articles in the Uniform Commercial Code that apply to consumer loans.
*The UCUA’s compliance school will count as continuing education for CUCE re-certification.