Attorneys, compliance pros offer updates at Compliance & Legal Conference

2019 Compliance & Legal Conference

The New York Credit Union Association’s 2019 Compliance & Legal Conference concluded last Friday in Verona. Over the course of two days, attendees heard from several leading attorneys and compliance experts, who discussed the many legal and regulatory issues credit unions should be preparing for.

John M. Bagyi, attorney at Bond Schoeneck & King, kicked off the conference on Thursday with a presentation on employment law developments, including several key pending changes brought on by New York’s anti-discrimination law. He also provided attendees with practical guidance on what it could mean for credit unions overall.

Association Director of Compliance Linda Bow took the podium next to lead a session on compliance and the latest changes to rules and regulations impacting credit unions. Bow also took the opportunity to explain the areas where the Association has received some of its most frequent questions over the past year, particularly in the area of high-priced mortgages and necessary disclosures.

Charles Nerko and Mark Svalina, attorneys at law for Vedder Price, followed Bow and provided attendees with information on contracts and vendor due diligence. The interactive presentation used real-life examples to explain the steps that credit unions should take trying to deal with larger vendors who may be reluctant to agree to changes in the contract terms.

The second day kicked off with a presentation by Henry Meier, SVP and general counsel for the Association. Meier discussed practical law and looked at the cases that will ultimately impact credit unions. On the regulatory front, Meier explained that the ultimate outcome of the field of membership litigation involving NCUA’s regulatory powers remains the most important issue on the docket.

Additionally, he noted that there will also be several consumer protection cases that could impact credit unions. He concluded by explaining that among these consumer protection cases are New York credit unions that have been hit with lawsuits accusing them of not properly disclosing their ACH overdraft disclosures.

Kendra Rubin, VP of governmental affairs for the Association, took the stage next to provide attendees with legislative updates of bills passed in the 2019 state legislative session, including the decriminalization of marijuana, banking development districts, the SHIELD cybersecurity bill, student loan servicing regulations and certain employment discrimination updates. The briefing also included discussions of the federal marijuana bills currently being reviewed, the SAFE Banking Act and the STATES Act.

Diane Reed, president/CEO of CU Doctor, rounded out the two-day conference with a session titled “Crazy compliance questions.” Reed explained how she has dealt with credit union compliance issues for decades and suggested the steps that compliance professionals should take to ensure they help play a constructive role in assisting credit unions implement and interpret regulations.

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