Compliance

A Blizzard of Regulatory Change

January 23, 2009
Bill Klewin Lending regulation is reaching a frenzied pace. As I look out my window, I brace for the snow, slippery conditions, and bad drivers I’ll face on my commute. That’s a great analogy for what credit unions face on the regulatory compliance front, especially for lending-related regulations. For years,... READ MORE

Extreme Makeover: FMLA Edition

January 23, 2009
Karen Saul Changes aim to ease family and medical leave administration. The first-ever amendments to the Family and Medical Leave Act of 1993 (FMLA) became effective Jan. 16. The changes are intended to improve communication between employers, workers, and health-care providers. Highlights include: Military family leave. Two new entitlements became... READ MORE

A Tipping-Point Year for Regulatory Initiatives

January 23, 2009
Mary Dunn Some reg changes benefited CUs late last year. It's always dangerous starting out a new year by making predictions on how the months ahead will unfold. Yet it’s clear 2009 will be challenging for the economy and our nation. Credit unions also will face their share of issues,... READ MORE

IRS Form 990: Changes Headed Your Way

January 23, 2009
Nichole Seabron State-chartered CUs’ tax form gets an overhaul. The internal revenue Service (IRS) recently overhauled Form 990 (Return of Organization Exempt From Income Tax), the annual return state-chartered credit unions file. (Federal credit unions don’t file Form 990 because they aren’t subject to unrelated business income taxes.) According to... READ MORE

TwentyFour/Seven

December 23, 2008
LEAD STORY  Fraudsters Seek Out Staff Fraudsters are taking a more personal approach to their craft through social engineering, the practice of obtaining private or proprietary information to use illicitly. So says Karen Daeke, senior vice president of security administration at $16.4 billion asset State Employees’ Credit Union, Raleigh, N.C.,... READ MORE

Will HELOCs Survive Declining Home Values?

December 23, 2008
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

Lean Times for CU Liens

December 23, 2008
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

'Tis the Season Of Regulatory Concerns

November 17, 2008
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

Beyond Order-Taking

November 17, 2008
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 01, 2008
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

The Works Blog The Works Blog is produced by PolicyWorks LLC, Des Moines, Iowa.

#BSA #AML Examination Manuel Update released

On December 2nd the Federal Financial Institutions Examination Council (FFIEC) released the much anticipated revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. An update for this manual had not been released since 2010. The revisions clarify supervisory expectations and incorporate regulatory changes since the last update. Numerous revisions have been made throughout the manual. Sections […]

#FannieMae & #FreddieMac’s New Guidelines Aim to Make Mortgage Lending Easier

New guidelines from Fannie Mae and Freddie Mac took effect this Monday, with the intent of relaxing lending standards for borrowers.  The new guidelines provide clarification on when lenders can be penalized for making mistakes in mortgages they sell to Fannie and Freddie.  Prior to the update, lenders  cautious of making a mistake kept strict standards […]

Proposed Changes to Mortgage Servicing Rules

On November 20th the Consumer Financial Protection Bureau (“CFPB”) proposed to amend several mortgage servicing rules under both Regulation Z and Regulation X. The proposed rule is 492 pages long and to date has not been thoroughly vetted. However, let’s take a look at some of the highlights: Successors in Interest: A successor in interest […]
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