Pub. 9 2019 Issue 1

16 www.azbankers.org T WENTY-EIGHTEEN WAS A RATHER EXCITING YEAR FOR BANKING COMPLIANCE. THE ECONOMIC GROWTH, REGULATORY RELIEF, AND CONSUMER PROTECTION ACT (EGRRCPA) PROVIDED IMMENSE RELIEF TO COMMUNITY BANKS AND ALSO PROVED HAT ACRONYMS DON’T REALLY HAVE TO BE THAT SHORT. UPDATES TO THE TILA/RESPA INTEGRATED DISCLOSURES (TRID) AND THE HOME MORTGAGE DISCLOSURE ACT (HMDA) HAVE KEPT EVERYONE ON THEIR TOES TRYING TO GUESS WHAT THOSE PESKY GREY AREAS MEAN. BANK OFFICERS LEARNED THE TRUE MEANING OF WHO A “BENEFICIAL OWNER” REALLY IS. AND NOT UNLIKE LIKE A PEACH FROM SUPER MARIO, THOSE EVER PRESENT FLOOD REGULATIONS HAVE BEEN SAVED ONCE AGAIN FROM LAPSE. With those show-stoppers, I think I can speak for all of us when I say that twenty-nineteen has a lot to live up to. Though, it does look as though the new year will not disappoint! Major twenty-nineteen provisions set to take effect in 2019 include: expansion of the Same- Day National Automated Clearing House Association (NACHA) rules; adjustments to the Truth In Lending (TIL) annual thresholds; the Prepaid Account Rule Amendments; and Amendments to Regu- lations CC (Reg. CC). First up on this star-studded agenda are the NACHA expansions. In a nut-shell, this expansion to the Same-Day rules was implemented to enable faster funds availability for ACH transactions, elongate Same-Day ACH processing hours, and increase per-transaction dollar limitations. After the initial adoption of the Same-Day rules, the NACHA voting membership approved the aforementioned new set of rules which take effect in three separate phases. Each separate phase has a separate effective date. What to Expect Next By Sarah Sauceda , Associate General Counsel, Compliance Alliance