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Credit unions will be interested to know that the National Credit Union Administration (NCUA) has advised its examiners on alternative ways to view how the sudden inflow of deposits and members caused by the planned Nov. 5 Bank Transfer Day could impact credit union finances.  Read More

The Federal Housing Finance Agency, the federal regulator with oversight responsibility for Fannie Mae and Freddie Mac, announced changes Monday to the Home Affordable Refinance Program to attract more underwater borrowers who could benefit from refinancing their home mortgages. Read More

The National Credit Union Administration provided additional detail on the two divisions of its Office of Consumer Protection , and covered the agency's member complaint resolution process, in a letter to credit unions (11-CU-17) released late last week.  Read More

CUNA has reminded credit unions to confirm that previously submitted Nationwide Mortgage Licensing System & Registry information remains accurate and complete, and to update any information that needs to be changed, during the NMLS Annual Renewal period.  Read More

The Federal Financial Institutions Examination Council (FFIEC) today announced that beginning in 2012 it will calculate the annual Median Family Income (MFI) data that are published each June. The 2012 MFI Data will incorporate the U.S. Census Bureau’s American Community Survey (ACS) information and will be referred to as FFIEC Median Family Income Data. Read More

The Consumer Financial Protection Bureau has released another version of its simplified mortgage disclosure form as part of its ongoing Know Before You Owe project. Read More

WASHINGTON — The federal agencies that supervise banks, thrifts, and credit unions, and the Farm Credit System, today published guidance that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published on July 21, 2009 at 74 FR 35914-35947.  Read More

CUNA continued to emphasize the high compliance burdens and increased costs that the Federal Reserve's proposed remittance changes would impose on credit unions during a meeting with the Consumer Financial Protection Bureau last week. Read More

The House late last week approved H.R. 1263, a bill that would amend the Servicemembers Civil Relief Act to extend protections against sale, foreclosure, and seizure of property to the surviving spouses of deceased servicemembers.  Read More

Last Thursday, the CFPB released Version 1.0 of its Supervision and Examination Manual, the guide for its examiners to use in overseeing companies that provide consumer financial products and services.  The examination manual consists of three separate parts:  The first part describes the supervision and examination process.  The second part contains examination procedures, including both general instructions and procedures for determining compliance with specific regulations.  The third part presents templates for documenting information about supervised entities and the examination process, including examination reports. 

As part of its release, the CFPB has also developed a list of Supervision and Examination Manual Q&A’s regarding the manual itself, including questions and answers on how the CFPB’s manual compares to examination manuals of other federal financial regulators, such as NCUA.  In addition to the general guidance included within the manual on how the CFPB will conduct examinations and procedures to review the compliance management systems at both depository institutions and non-depository consumer financial companies, the Q&A states “The rest of the manual primarily consists of examination procedures that examiners at the other federal financial supervisory agencies use,” and “The majority of the manual is substantially similar to the consumer compliance manuals of other banking regulators.”  The Q&A does mention the following differences, however, which have been included within the manual:

• A “Risk assessment” to be used by examiners to identify potential risks to consumers in the consumer financial products and services offered by supervised entities.
• “UDAAP” procedures to be used by examiners to identify “unfair, deceptive and abusive acts or practices.”

Also released, as part of the manual, the CFPB outlined its Mortgage Servicing Examination Procedures describing the types of information that the agency’s examiners will gather to evaluate mortgage servicers’ policies and procedures, assess whether servicers are in compliance with applicable laws, and identify risks to consumers in servicing operations. 

While the CFPB has supervision, examination and enforcement authority over federally-insured credit unions (FICUs) with total assets over $10 billion, NCUA and the state regulators will generally retain the examination authority over FICUs with $10 billion or less in assets, and will have “exclusive” enforcement authority over those institutions.  The CFPB has limited authorities for these smaller institutions including:  (1) authority to accompany NCUA examiners “on a sampling basis;” (2) authority to require reports; and (3) authority to refer suspected violations to NCUA.  The CFPB has stated that it will begin examining certain large depository institutions in the fourth quarter of 2011.