Compliance

Michael McLain Reg Z permits creditors to change HELOC terms in some circumstances. With declining home values plus increasing foreclosures, unemployment, and bankruptcies, credit unions offering home equity lines of credit (HELOC) should understand how these situations affect their rights to modify HELOC terms and conditions. Take proper action to... READ MORE

Charles Williams In bankruptcy cases, ‘trustee-proof ’ your security interests. As an experienced loan officer at Curl Up and Dye Federal Credit Union, a midsize institution serving the cosmetics, hair-care, and grooming industries, you take pride in your vehicle lending programs. This morning, how-ever, you hold in shaking hands a letter... READ MORE

Mary Dunn   The economy will affect CUs, but the extent is unknown .   How some credit unions in certain parts of the country, as well as the National Credit Union Administration (NCUA), can brace themselves against the economic storm is an important issue for the credit union system. ... READ MORE

Does your credit union want a successful call center that actively meets members’ needs?   It’s the simple things that make it work, say presenters at the 11th annual CUNA Operations, Sales & Service Council Conference in Williamsburg, Va.   Among their suggestions: Educate staff on how to approach each... READ MORE

Compliance Challenge: Party Planning October 1, 2008 By Kathy Thompson Washington, D.C., is supposed to be a sleepy town in August, with all the politicians and their staff leaving—especially this year with all the partying in Denver and Minneapolis-St. Paul. But there's no partying for those of us in the... READ MORE

Q Our credit union provides information to CUNA Mutual Group for use in marketing products and services to our members. Does this relationship trigger compliance with the Fair and Accurate Credit Transactions (FACT) Act's affiliate marketing rule? READ MORE

Compliance Q&A: Electronic Disclosures September 1, 2008 By Valerie Moss Q The Federal Reserve Board clarified the requirements for providing electronic consumer disclosures last fall. When is the mandatory compliance date for these changes, and how will they affect the way credit unions deliver electronic disclosures? A Last fall, the... READ MORE

Compliance Challenge: Regulatory Blockbusters August 1, 2008 Over the July 4 weekend I saw both "Up the Yangtze" (a documentary) and "Ironman" (a genre I call "movies with big explosion budgets"). As I looked at everything I wanted to review with you this month, I thought "how would this play... READ MORE

Compliance Q&A: Security & Shredding August 1, 2008 By Valerie Moss   Q Must a federally insured credit union notify the National Credit Union Administration (NCUA) every time it identifies a possible security breach?   A No. NCUA's Part 748 (security program) and accompanying guidance (Appendix B) require credit unions... READ MORE

Compliance Challenge: Cancel Those Vacation Plans July 1, 2008 By Kathy Thompson Forget summer vacation. There are just too many comment letters due in the next couple of months. We need your input—even if it's on the back of a postcard with a picture of the beach or written with... READ MORE

It is almost a holiday weekend. I know that all of you compliance folks are tired from the CFPB’s onslaught of final and proposed rules. You have been going full speed since January. And, the CFPB is going to be issuing a lot more “stuff” in June. So, I thought I would take a minute to [...]

If you remember last summer, NCUA’s Office of Consumer Protection notified over 1000 federal credit unions across the country of their eligibility for low income designation.  NCUA’s initiative was in part due to President Obama’s relief and recovery package to help drought stricken states across the country.   Many of you accepted the designation; however, do [...]

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to purchase only qualified mortgages as of January 10, 2014. For those of us that follow the secondary mortgage market and compliance regulations, this shouldn’t be much of a surprise.   The new CFPB rule allows for loans to be underwritten as either [...]