The NAFCU Journal May - June 2017 - 49

Upcoming Compliance Deadlines
Sept. 15, 2017

Changes to NACHA's operating guidelines will
enable same-day processing of virtually any ACH
payment under $25,000. All receiving financial
institutions (RDFIs) will be required to receive
same-day ACH payments, and RDFIs will be
required to make funds available from same-day
ACH credits (such as payroll direct deposits) to
depositors by 5 p.m. at the RDFI's local time. Each
originating financial institution (ODFIs) must pay
the RDFI a same-day entry fee of 5.2 cents for each
same-day transaction it processes. These changes

are being implemented in three phases, which
began in September 2016. NACHA recommends
that the ACH operator implement two daily
settlement windows for processing same daytransactions: 1) a morning submission deadline
at 10:30 a.m. Eastern, with settlement occurring
at 1 p.m. Eastern; and 2) an afternoon submission
deadline at 3 p.m. Eastern, with settlement
occurring at 5 p.m. Eastern. Phase 2 - RDFIs
should be prepared to also receive debit entries
as same-day entries.

Oct. 1, 2017

The CFPB issued a final rule proposing new
federal consumer protections for the prepaid
market under Regulations E and Z. The final rule
modifies general Regulation E requirements
to create: new disclosures; error resolution
procedures; consumer liability limits for
unauthorized transactions; fee limits; and
additional requirements for accounts with
overdraft or credit features. A prepaid account
issuer is required to post its prepaid account
agreements on its website and submit such
agreements, which must satisfy the rule's

form and content requirements, to the CFPB for
posting on its website. Share insurance is not a
requirement to offer prepaid account products,
but a credit union is required to disclose when
a prepaid account is not set up to be eligible
for National Credit Union Share Insurance Fund
pass-through coverage. Overdraft services
offered on prepaid accounts are considered
"open-end credit" under Regulation Z so are
subject to Regulation Z's credit card rules and
disclosure requirements for open-end (not
home-secured) consumer credit plans.

Oct. 3, 2017

The Department of Defense (DoD) amended its
regulation implementing the Military Lending
Act (MLA), which established a maximum Military
Annual Percentage Rate (MAPR) of 36 percent for
the extension of consumer credit to a covered
borrower and his or her dependents. The definition
of "consumer credit" within the regulation has
now been expanded to extend the protections of
the MLA to a broader range of financial products,
including closed-end and open-end credit products.
The final rule permits a credit union to exclude from
MAPR calculations the application fee charged to a
covered borrower when making a short-term, small
amount loan (STS loan), also known as a Payday
Alternative Loan (PAL). However, the application

fee may only be excluded once in a rolling
12-month period. Any application fee on a
subsequent loan must be included in the MAPR
for that subsequent loan.

The CFPB amended certain mortgage servicing
rules, previously issued in 2013, by clarifying,
revising or amending provisions regarding
force-placed insurance notices, policies and
procedures, early intervention, and loss mitigation
requirements under Regulation X's servicing
provisions; and prompt crediting and periodic
statement requirements under Regulation Z's
servicing provisions. The final rule addresses
proper compliance regarding certain servicing
requirements when a person is a potential or
confirmed successor in interest, is a debtor in

bankruptcy or sends a cease communication
request under the Fair Debt Collection Practices
Act. Technical corrections were also made to
several provisions of Regulations X and Z. In
addition, the CFPB concurrently released an
interpretive rule under the Fair Debt Collection
Practices Act relating to servicers' compliance with
certain mortgage servicing rules.

Oct. 19, 2017

THE NAFCU JOURNAL MAY-JUNE 2017

Note: A creditor may continue using the
"covered borrower identification statement" as
a safe harbor method of conducting a covered
borrower check until October 3, 2017. After
that date, a creditor seeking a safe harbor for
compliance must conduct covered borrower
checks using either the MLA database or a
consumer report from a nationwide consumer
reporting agency, or both.

Download the latest NAFCU Compliance
Calendar at www.nafcu.org/compliancecalendar.

49


http://www.nafcu.org/compliancecalendar

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
50 Ways to Grow Your Credit Union Professional and operational
Fields of Opportunity
2017 Annual Conference Exhibitor Directory
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2017 - Cover1
The NAFCU Journal May - June 2017 - Cover2
The NAFCU Journal May - June 2017 - 1
The NAFCU Journal May - June 2017 - Our First 50 Years
The NAFCU Journal May - June 2017 - Events Calendar
The NAFCU Journal May - June 2017 - From the Chair
The NAFCU Journal May - June 2017 - 5
The NAFCU Journal May - June 2017 - Inside NAFCU
The NAFCU Journal May - June 2017 - 7
The NAFCU Journal May - June 2017 - 8
The NAFCU Journal May - June 2017 - 9
The NAFCU Journal May - June 2017 - 10
The NAFCU Journal May - June 2017 - 11
The NAFCU Journal May - June 2017 - 12
The NAFCU Journal May - June 2017 - 13
The NAFCU Journal May - June 2017 - The Digital Download
The NAFCU Journal May - June 2017 - 15
The NAFCU Journal May - June 2017 - 50 Ways to Grow Your Credit Union Professional and operational
The NAFCU Journal May - June 2017 - 17
The NAFCU Journal May - June 2017 - 18
The NAFCU Journal May - June 2017 - 19
The NAFCU Journal May - June 2017 - 20
The NAFCU Journal May - June 2017 - 21
The NAFCU Journal May - June 2017 - Fields of Opportunity
The NAFCU Journal May - June 2017 - 23
The NAFCU Journal May - June 2017 - 24
The NAFCU Journal May - June 2017 - 25
The NAFCU Journal May - June 2017 - 26
The NAFCU Journal May - June 2017 - 27
The NAFCU Journal May - June 2017 - 28
The NAFCU Journal May - June 2017 - 2017 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2017 - 30
The NAFCU Journal May - June 2017 - 31
The NAFCU Journal May - June 2017 - 32
The NAFCU Journal May - June 2017 - 33
The NAFCU Journal May - June 2017 - 34
The NAFCU Journal May - June 2017 - 35
The NAFCU Journal May - June 2017 - 36
The NAFCU Journal May - June 2017 - 37
The NAFCU Journal May - June 2017 - 38
The NAFCU Journal May - June 2017 - 39
The NAFCU Journal May - June 2017 - 40
The NAFCU Journal May - June 2017 - 41
The NAFCU Journal May - June 2017 - 42
The NAFCU Journal May - June 2017 - 43
The NAFCU Journal May - June 2017 - Getting to Know …
The NAFCU Journal May - June 2017 - 45
The NAFCU Journal May - June 2017 - Management Insight
The NAFCU Journal May - June 2017 - 47
The NAFCU Journal May - June 2017 - Compliance Central
The NAFCU Journal May - June 2017 - 49
The NAFCU Journal May - June 2017 - Inside NAFCU Services
The NAFCU Journal May - June 2017 - 51
The NAFCU Journal May - June 2017 - From the President’s Desk
The NAFCU Journal May - June 2017 - Cover3
The NAFCU Journal May - June 2017 - Cover4
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