Compliance

Get Your 2013 Mortgage Lending Almanac

July 22, 2013
New rules will recast mortgage lending from application to servicing. READ MORE

CFPB Clarifies Escrows Final Rule

July 21, 2013
Rule lengthens the time you must maintain a mandatory escrow account established for a higher-priced mortgage. READ MORE

Remittance Transfer Rule Takes Effect Oct. 28

July 10, 2013
Amendments provide new protections to consumers who send remittance transfers outside the U.S. READ MORE

NCUA's Derivatives Proposal

July 10, 2013
Final rule should allow better matching between assets and liabilities. READ MORE

Guard Against Social Media's Liability Risks

July 09, 2013
A recent survey indicated that 62% of U.S. financial institutions were not using social media because they worry about compliance violations. READ MORE

More Members, Regs, and a Future Focus

July 01, 2013
CUs are the model of the future. READ MORE

Compliance Q&A: Ability-to-Repay and Mobile Homes

July 01, 2013
The ATR rule will apply to any consumer credit transaction that’s secured by a dwelling. READ MORE

Comply With COPPA by July 1

July 01, 2013

The COPPA rule applies to operators of commercial websites and online services directed to children under age 13 that collect, use, or disclose personal information from children.

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Credit Insurance Financing Prohibition Delayed

July 01, 2013

CUNA formally requested the delay so the CFPB could clarify certain issues and provide more time for credit unions to implement changes.

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CFPB Amends Ability-to-Repay

July 01, 2013

The CFPB created specific exemptions and modifications for small creditors, community development lenders, and housing stabilization programs.

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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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