Compliance Update with Amy K
by Amy Kleinschmit
Chief Compliance Officer

FREE Flood Insurance Webinar.

The federal financial regulatory agencies are hosting an interagency discussion of recent updates to the agencies’ flood insurance regulations concerning acceptance of private flood insurance policies. This FREE webinar will be on Tuesday, May 14, 2019 at 1:00 p.m. CT.  

Staff from the various federal agencies, including the National Credit Union Administration, will discuss the flood insurance rule issued in February which becomes effective later this summer. Topics that will be discussed include:

  • Mandatory acceptance of private flood insurance;
  • Mandatory acceptance Compliance Aid;
  • Discretionary acceptance of private flood insurance;
  • Flood Coverage provided by Mutual Aid Societies; and
  • Preparations to comply with the Rule

Please click on the URL or copy and paste it into your browser to register for this webinar:

This webinar is part of the ongoing series of events focused specifically on consumer compliance topics. The “Outlook Live” webinar series is a Federal Reserve System initiative produced in conjunction with the Federal Reserve System’s newsletter Consumer Compliance Outlook.

Prepaid Card Rule.

The Consumer Financial Protection Bureau (CFPB) recently announced updates to its small entity compliance guide regarding prepaid accounts. The updated guide can be found here. These updates incorporate technical specifications for submitting prepaid account agreements and agreement information to the CFPB. Additional resources for submitting agreements to the CFPB can be found here



On the Loan Estimate and Closing Disclosure topic, the CFPB recently issued a factsheet that discusses whether these documents are required for assumption transactions. This factsheet can be found here. The factsheet, which includes a flowchart, discusses the narrow situation of when a new consumer is being added or substituted as an obligor on an existing consumer credit transaction that is a closed-end consumer credit transaction secured by real property or a cooperative unit (and is not a reverse mortgage.) The flowchart is followed by a narrative that further explains each step in the flowchart process. Please review to ensure the LE and CD are being properly provided in assumption scenarios.

As always, CUAD members may contact Amy Kleinschmit with any compliance related questions.  



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