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Regulatory relief -- a top priority for the Credit Union National Association--would be realized for credit unions under a number of measures that will be considered next week on the House floor.

Among the items on the House schedule for consideration are:

  • H.R. 3468, which would  extend share insurance coverage to all of the underlying owners of funds held by lawyers in trust accounts and realtors in escrow accounts. This bill, supported by CUNA, would provide parity for credit unions with banks with respect to federal insurance coverage of lawyer trust accounts (IOLTAs: Interest on Lawyer Trust Accounts) and other similar accounts;

  • H.R. 3584, which would  broaden credit unions' ability to apply for Federal Home Loan Bank membership.  CUNA strongly supports this bill that would put the country's privately insured credit unions on the same footing as their federally insured counterparts where it comes to membership in the FHLB system; and,

  • H.R. 2672, which would grant credit unions and other lenders greater input into rural-area designations made by the Consumer Financial Protection Bureau. The rural county designations determined by regulators can impact the types of products credit unions may offer their members in those areas and CUNA maintains that any time credit unions can gain an additional opportunity to provide input into the process, they should do so.

 

 

A new small business panel to help consider Home Mortgage Disclosure Act (HMDA) changes, and new resources to help users navigate publicly available HMDA data were announced by the Consumer Financial Protection Bureau on Friday.

Under HMDA, financial institutions with total assets of more than $43 million that have home or branch offices in defined metropolitan statistical areas must collect certain mortgage loan data and report it to federal regulators. Read More
Credit unions that make closed-end consumer loans secured by a dwelling must comply with the Consumer Financial Protection Bureau's new Ability-to-Repay/Qualified Mortgage (ATR/QM) rule for loan applications received on or after Jan. 10, the National Credit Union Administration reminds in its first Regulatory Alert on 2014.

The rule requires credit unions to assess a member's ability to repay for virtually all closed-end residential mortgage loans secured by the member's dwelling and provides your credit union with certain protections from legal liability for compliance with the rule, the agency said in a release. Read More

Credit unions will soon be permitted to invest in hybrid charitable and investment vehicles known as charitable donation accounts (CDAs) under a new regulation approved by the National Credit Union Administration on Thursday.

Specifically, the rule clarifies that federal credit unions are authorized to create and fund a CDA, a hybrid charitable and investment vehicle, as an activity incidental to the business for which the credit union is chartered, provided the account is primarily charitable in nature and meets other regulatory conditions to ensure safety and soundness.

"This innovative rule strikes the right balance to provide flexibility.."  Read More

A final rule that sets the definition of "qualified mortgage" (QM) for single-family residential mortgage loans was released by the U.S. Department of Housing and Urban Development Wednesday.

The rule was published in the Federal Register. HUD was required under the Dodd-Frank Act to issue its own qualified mortgage rule, separate from the one issued earlier this year by the Consumer Financial Protection Bureau. The QM rule will replace the CFPB's QM definition for Federal Housing Administration loans or certain other HUD insured loans.  Read More

Noting that social media use can impact a financial institution's risk profile, the National Credit Union Administration and its Federal Financial Institutions Examination Council partners released guidance addressing social media policy. It explores how consumer protection and compliance laws, regulations, and policies could be applied to the use of online social media platforms by financial institutions.

A financial institution, the FFIEC wrote, "should have a risk management program that allows it to identify, measure, monitor, and control the risks related to social media."  Read More
Federal regulators should be mindful of placing additional burdens on credit unions as they develop regulations that would implement provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 that require a lending institution to accept private flood insurance, the Credit Union National Association said this week.

The CUNA comments follow the October release of a joint agency proposal co-signed by the National Credit Union Administration, the Federal Reserve, the Farm Credit Administration, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.

The joint agency proposal would also require that regulated lending institutions satisfy mandatory purchase requirements outlined in that bill. The proposal would impose new escrow rules, create new and revised sample notice forms and clauses, and outline the circumstances under which a lender must terminate force-placed flood insurance coverage and refund payments to a borrower.  Read More
The Consumer Financial Protection Bureau assured Wednesday that it has plans to publish plain language guidance, work with other federal regulators and increase consumer outreach efforts as new mortgage regulations are implemented over the coming year.   Read More
The U.S. Congress must delay the private right of action associated with recently finalized Consumer Financial Protection Bureau mortgage rules, a move that would grant credit unions and their vendors a full year to come into compliance with pending mortgage regulations, the Credit Union National Association said in a Wednesday letter to U.S. House and Senate leaders.

Six CFPB mortgage product and service rules are set to go into effect in January 2014. The rules include the bureau's Ability-to-Repay and Qualified Mortgage standards.  Read More
The National Credit Union Administration took action Tuesday to clarify its supervisory expectations regarding credit unions' risk management systems.
 
In a Letter to Federally Insured Credit Union (13-CU-12), the agency noted that sound enterprise risk management (ERM) is crucial to the success of any credit union, but effective management can take different approaches at different organizations.  Read More