Compliance

Mary Dunn Serious issues with the 21-day rule persist. Whether financial reform can proceed in Congress is unclear. But one component of the Obama administration’s reform package that could advance is the proposal for the new Consumer Financial Protection Agency (CFPA). While the prospects for Senate action on the proposed... READ MORE

Nichole Seabron Changes affect fees, disclosures, and advertising. The Federal Reserve Board’s revisions to Regulation Z (Truth in Lending) definitely will affect how your credit union does business—in both major and minor ways. It’s worth taking a closer look at two amendments in particular: the changes under the Mortgage Disclosure... READ MORE

Among the 1,278 financial institution robberies during the second quarter of 2009, 117 occurred at credit unions, according to statistics from the Federal Bureau of Investigation (FBI). That’s far less than banks suffered during this period (1,124) but more than thrifts (26) and mutual savings banks (11). Cash was taken... READ MORE

By Valerie Moss Q Must a credit union provide an adverse action notice under Regulation B when it turns down a business loan application?   A Yes . Regulation B (Equal Credit Opportunity) applies to all credit—commercial as well as consumer loans. However, if two or more people have applied... READ MORE

Valerie Moss The focus today is on extending RDC to consumers. Remote deposit capture (RDC) refers to a range of services that allow users to scan checks/share drafts at remote locations and transmit the scanned images to financial institutions for posting and clearing. Locations may include the credit union’s branches... READ MORE

Jim Jerving New legislation ‘eases the pain’ and boosts CU ROA. Turbulence within the corporate credit union system and the effects on retail credit unions were dominant topics at the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) earlier this year. In May, passage of S. 896, the Helping... READ MORE

John Magill Poorly prepared legislation can have unintended consequences. This is a time of unprecedented change in America’s financial services sector. Credit unions, despite wearing the “white hats” through the financial crisis of the past year, have not been—and will not be—completely insulated from the aftermath of the financial collapse.... READ MORE

Relentless torrent of new regulations creates concern and confusion. Bill Klewin The surge in regulatory compliance issues continues, especially in the lending area. Given what the nation is going through, triggered by shoddy lending practices, the greater regulatory regimen is appropriate. Regulators and legislators in Washington, D.C., however, are tripping... READ MORE

  Key concerns will continue to dominate the regulatory landscape. Mary Dunn Working in the Credit Union National Association’s (CUNA) Washington office lately has been like being in the vortex of a hurricane. The issues keep swirling as the regulatory storm intensifies. While CUNA follows virtually all issues affecting credit... READ MORE

Due diligence applies to agreements with regulators, too. Christopher Pippett Typically you might think of due diligence review as applying only to vendor relationships. However, you also should thoroughly analyze the formal agreements you might have to enter into with the National Credit Union Administration (NCUA) or your state regulator... READ MORE

NCUA’s Office of Small Credit Union Initiatives (OSCUI) is offering yet another free webinar.  This webinar will discuss how collaboration can help Credit Unions compete and offer greater value to their members.   NCUA’s OSCUI typically fosters development for small, new and low income designation credit unions; however, this webinar is open to credit unions of [...]

Given the volume and complexity of the CFPB’s new mortgage rules related to Reg Z and Reg X, we haven’t focused much on the new Reg B appraisal rule. However, we are seeing some confusion with the timing requirements, so here is some information that hopefully clarifies the timing. The rule generally provides that a [...]

In January you were shocked at the sheer volume of mortgage rules.  From February through May you attended trainings, read summaries, or read the actual rules and began to understand them.  Now that you understand them, you know how difficult and time-consuming implementation of the new rules will be; and, now that summer is in full [...]