Did You Know that NJCUL was Founded in 77 BC?
in Compliance & Regulatory
By: David Frankil, NJCUL President/CEO

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  • where customers can see prices and risks up front and where they can easily make product comparisons;
  • in which no one can build a business model around unfair, deceptive, or abusive practices;
  • that works for American consumers, responsible providers, and the economy as a whole.

  • Service - Our mission begins with service to the consumer and our country. We serve our colleagues by listening to one another and by sharing our collective knowledge and experience.
  • Leadership - Fostering leadership and collaboration at all levels is at the core of our success. We believe in investing in the growth of our colleagues and in creating an organization that is accountable to the American people.
  • Innovation - Our organization embraces new ideas and technology. We are focused on continuously improving, learning, and pushing ourselves to be great.

c. remittances practices

d. complying with existing mortgage rules

e. student loan servicing, and 

f. Fair Lending 

2. Potential new regulations, including:

a. Small dollar loans

b. Arbitration

c. Prepaid accounts

d. Mortgage servicing

e. Home Mortgage Disclosure Act

f. Debt Collection

g. Overdraft

h. Small business lending

So how can a credit union keep track of new developments in CFPB regulations? Some resources at your disposal include:

  • Our own Nicola Foggie and her Shared Compliance Program
  • Starting in 2017, look for free monthly compliance call-ins for NJCUL members on a wide range of compliance topics, including the CFPB.
  • CUNA has an excellent compliance team, too: www.cuna.org/compliance.
  • CUNA Mutual Group ‘s Theresa Reinke, CMG Regulatory Compliance Manager, is speaking at our Annual Convention on “The World According to the CFPB.” If you can’t be in Atlantic City to hear Theresa first-hand, contact us for a copy of her presentation after the conference.
  • Right to the source at the CFPB web site at www.consumerfinance.gov.

If your credit union is facing a specific compliance challenge or concern, you can also email our Compliance Helpline directly at compliancehelpline@njcul.org and a member of our compliance team will provide assistance.