The NAFCU Journal January - February 2018 - 57

Upcoming Compliance Deadlines
March 16, 2018

Changes NACHA's operating guidelines to 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 mandated 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 (ODFI) must pay the RDFI a sameday entry fee of 5.2 cents for each same-day transaction it processes.
These changes will be phased in through three phases, the third taking effect on this date.

April 1, 2018

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.

May 11, 2018

FinCEN's final rule on customer due diligence requires credit unions to identify and verify
the beneficial owner(s) of legal entity accounts, subject to certain exceptions. Previously,
a credit union was only required to know the identity of each of its legal entity customers,
but not necessarily its beneficial, natural person owners. Beneficial owners include each
natural person who directly or indirectly has a 25 percent or more equity interest in the
legal entity customer, as well as single individuals that have "significant responsibility to
control, manage or direct a legal entity customer," such as a CEO, COO or CFO.

July 1, 2018

The Federal Reserve Board issued a final rule to amend subparts A, C, D, and the official
staff commentary to Regulation CC. The final rule modifies the current check collection
and return requirements to reflect today's virtually all-electronic check collection and
return environment. It encourages all depositary banks to receive, and paying banks to
send, returned checks electronically.
Download the latest NAFCU Compliance Calendar at www.nafcu.org/compliancecalendar.

ensure member information remains
safe and confidential. The Management
Booklet in the Handbooks specifies that
board members should have sufficient
training to understand IT activities
and risks such that they can provide a
credible challenge to management.
The managing official of each federally-insured credit union must certify
that the credit union is in compliance
with those requirements at least annually. The FFIEC also expects executive
management to understand IT risks
faced by the institution and to ensure
those risks are included in appropriate
risk assessments.

Most pointedly, the Handbooks include
guidance about patching vulnerabilities
that requires management to implement
automated patch management systems
and software to ensure all network
components are appropriately updated.
The patch management requirements
specify that processes should be in place
to ensure patches are timely identified,
evaluated based on threats posed,
prioritized, and installed and tested to
ensure functionality. At its core, this
is basic risk identification, assessment,
management and monitoring.

systemic failure. Equifax's continuing
assertion that the breach is the result of
one person's dropped ball makes it clear
that Equifax's leadership had a basic
misunderstanding of its obligations. It
was unwilling to take seriously the risk
a breach posed to itself and the American public or to institute appropriate
risk management procedures to address
those risks.

Equifax's failure to install the patch
was not a single human error; it was a

Elizabeth M. Young LaBerge is senior
regulatory compliance counsel at NAFCU.

THE NAFCU JOURNAL  JANUARY-FEBRUARY 2018

For resources on dealing with the
Equifax breach, go to www.nafcu.org/
equifax_data_breach.

57


http://www.nafcu.org/compliancecalendar http://www.nafcu.org/equifax_data_breach http://www.nafcu.org/equifax_data_breach

Table of Contents for the Digital Edition of The NAFCU Journal January - February 2018

Conferences
From the Chair
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Stepping Into the Future
A Clear Path Forward
Economic Outlook: It’s Complicated
NAFCU 2018 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January - February 2018 - Cover1
The NAFCU Journal January - February 2018 - Cover2
The NAFCU Journal January - February 2018 - 1
The NAFCU Journal January - February 2018 - 2
The NAFCU Journal January - February 2018 - Conferences
The NAFCU Journal January - February 2018 - From the Chair
The NAFCU Journal January - February 2018 - 5
The NAFCU Journal January - February 2018 - Advocacy Snapshot
The NAFCU Journal January - February 2018 - 7
The NAFCU Journal January - February 2018 - Washington and Industry Briefs
The NAFCU Journal January - February 2018 - 9
The NAFCU Journal January - February 2018 - 10
The NAFCU Journal January - February 2018 - 11
The NAFCU Journal January - February 2018 - 12
The NAFCU Journal January - February 2018 - 13
The NAFCU Journal January - February 2018 - 14
The NAFCU Journal January - February 2018 - 15
The NAFCU Journal January - February 2018 - Growth Strategies
The NAFCU Journal January - February 2018 - 17
The NAFCU Journal January - February 2018 - Stepping Into the Future
The NAFCU Journal January - February 2018 - 19
The NAFCU Journal January - February 2018 - 20
The NAFCU Journal January - February 2018 - 21
The NAFCU Journal January - February 2018 - A Clear Path Forward
The NAFCU Journal January - February 2018 - 23
The NAFCU Journal January - February 2018 - 24
The NAFCU Journal January - February 2018 - 25
The NAFCU Journal January - February 2018 - Economic Outlook: It’s Complicated
The NAFCU Journal January - February 2018 - 27
The NAFCU Journal January - February 2018 - 28
The NAFCU Journal January - February 2018 - 29
The NAFCU Journal January - February 2018 - 30
The NAFCU Journal January - February 2018 - 31
The NAFCU Journal January - February 2018 - 32
The NAFCU Journal January - February 2018 - 33
The NAFCU Journal January - February 2018 - 34
The NAFCU Journal January - February 2018 - NAFCU 2018 Vendor Directory
The NAFCU Journal January - February 2018 - 36
The NAFCU Journal January - February 2018 - 37
The NAFCU Journal January - February 2018 - 38
The NAFCU Journal January - February 2018 - 39
The NAFCU Journal January - February 2018 - 40
The NAFCU Journal January - February 2018 - 41
The NAFCU Journal January - February 2018 - 42
The NAFCU Journal January - February 2018 - 43
The NAFCU Journal January - February 2018 - 44
The NAFCU Journal January - February 2018 - 45
The NAFCU Journal January - February 2018 - 46
The NAFCU Journal January - February 2018 - 47
The NAFCU Journal January - February 2018 - 48
The NAFCU Journal January - February 2018 - 49
The NAFCU Journal January - February 2018 - 50
The NAFCU Journal January - February 2018 - 51
The NAFCU Journal January - February 2018 - Executive Spotlight
The NAFCU Journal January - February 2018 - 53
The NAFCU Journal January - February 2018 - Management Insight
The NAFCU Journal January - February 2018 - 55
The NAFCU Journal January - February 2018 - Compliance Central
The NAFCU Journal January - February 2018 - 57
The NAFCU Journal January - February 2018 - Inside NAFCU Services
The NAFCU Journal January - February 2018 - 59
The NAFCU Journal January - February 2018 - From the President’s Desk
The NAFCU Journal January - February 2018 - Cover3
The NAFCU Journal January - February 2018 - Cover4
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