Compliance News
March 7 'Pressing Issues' Audio Conference Is Free To CUNA Members | Monday, 04 March 2013
The Credit Union National Association is now offering its popular "Pressing Regulatory and Compliance Issues Audio Conference" free to affiliated credit unions and its first program of 2013 is being offered March 7.  Read More
NCUA Actions Expand Rural District FOM, Allow CU TIPS Investment | Friday, 22 February 2013
The National Credit Union Administration on Thursday approved separate final rules that expand the definition of "rural district" for field of membership purposes, and grant new investment authority to credit unions.  Read More
CFPB Readies Resources To Ease Mortgage Reg Implementation | Thursday, 14 February 2013
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
CFPB Will Provide Rule Summaries, Guidance and Exam Checklists for CUs | Thursday, 14 February 2013
The Consumer Financial Protection Bureau on Wednesday provided more details on how it will help regulators and lenders comply with the bureau’s new mortgage regulations.

The effort will address rules finalized last month defining qualified mortgages, a consumer’s ability to repay, and new rules for mortgage servicers that go into effect in January 2014.  Read More
CFPB Clarifies CUNA Small Servicer Concerns | Wednesday, 13 February 2013
The Consumer Financial Protection Bureau's exemption for "small" mortgage servicers will not apply to a third party subservicer if a credit union contracts with a third-party that services more than 5,000 mortgages, the agency has clarified.
 
Credit unions recently asked the Credit Union National Association to clarify how the CFPB's "small servicer" exemptions would impact their work with mortgage subservicers. Read More
 
Are Regulators Listening? - CompBlog Wrap-Up Asks | Monday, 11 February 2013
As Credit Union National Association compliance staff looked back through January's regulatory results, they detected a rarity—something credit unions will hope will form a new trend. The National Credit Union Administration and the Consumer Financial Protection Bureau both appeared not only to think about how their actions might burden the regulated, they also took steps to do something about it.

January was a busy month for new rules to say the least,. The NCUA addressed the small credit union definition, its 2013 annual performance plan, and low-income designations. The CFPB released a barrage of mortgage regulations.  Read More
CUNA Adds Escrow Compliance Chart As a CFPB Resource | Friday, 08 February 2013
The Credit Union National Association has added an escrow account compliance chart to its list of resources developed to help its member credit unions comply with new Consumer Financial Protection Bureau mortgage rules.

The chart format is designed to help credit unions find the specific information they are looking for quickly.  The chart covers the basics of the new rule and more detailed information, including:
  • Effective dates;
  • Exemptions and exceptions;
  • Significant definitions; and
  • What the new rule will change.

For additional information, read more.
Compliance: Direct Express March 1 Deadline Brings Issues | Wednesday, 06 February 2013
Federal benefits payments will be made only by direct deposit or the Direct Express debit MasterCard after March 1, and the Credit Union National Association has answered one key credit union compliance question ahead of this deadline.

CUNA Senior Vice President for Compliance Kathy Thompson in a recent CUNA Comp Blog post reminded credit unions that federal benefits recipients with the Direct Express MasterCard will be able to make no-fee cash withdrawals from any bank or credit union through a teller where the institution displays the MasterCard acceptance mark.

Therefore, Thompson said, credit unions that display the MasterCard acceptance mark will be required to provide cash to Direct Express cardholders, with no fee attached, whether the cardholder is a member or not. "If your credit union has an agreement with MasterCard that requires you to honor these cards, that trumps any field of membership issue," she said.

CUNA has recommended that any credit union with an agreement with MasterCard read its agreement to ascertain the credit union's contractual responsibilities in honoring the Direct Express debit card. MasterCard representatives can also help address any compliance concerns, Thompson noted.
CUNA Releases High-priced Mortgage Rule Analysis | Friday, 01 February 2013
New regulations that will require lenders offering higher-priced mortgages to use licensed or certified appraisers are the subject of a Credit Union National Association final rule analysis.  Read More
CFPB Mortgage Changes Detailed in CUNA Chart | Thursday, 31 January 2013
Credit unions looking for analysis of the many new mortgage regulations unleashed by the Consumer Financial Protection Bureau this month can turn to a final rule analysis just issued by the Credit Union National Association, which features a chart listing the rules and their key components in a new chart.  Read More
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