Posted by Anthony Demangone
The Fed has released the latest issue of its Consumer Compliance Outlook publication. I always find the articles to be well-written, and very useful. Of note in this issue:
- An article on changes to the HUD-1.
- Furnisher requirements under the FACT Act.
- MDIA explanations and examples.
- An index of all of their articles.
- A super useful calendar of upcoming requirements.
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In other news:
- NCUA charters 2 "bridge" corporate credit unions.
- NAFCU members: We've issued a "Final Regulation" for NCUA's recent Short Term/Small Amount Loan Regulation.
- The FDIC has issued guidance on the security risks involved with digital images stored on copiers, fax machines, and printers. You may recall that we wrote about this issue back in August. In short, these machines store digital images of the faxes, copies or items that you print. When you get rid of the machines, the images go with them unless you have policies and procedures in place to strip the potentially sensitive data. The security risk increases compliance risks related to Part 748 of NCUA's rules and regulations, not to mention Red Flags.
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