Association News
Mountain West to Stream Live at 2014 Annual Meeting & Convention | Friday, 11 April 2014
As an organization based on community, we are always looking for ways to further our reach to our member credit unions.  For the first time,  we will LIVE stream the two keynote sessions at this year’s Annual Meeting & Convention.  What does that mean?  It means that if you are unable to attend this year’s Convention or if any of your staff or volunteers will not be there in-person that you can register to attend the FREE live stream.  Visit www.mwcua.com/am to learn more about the times and topics of our two keynote speakers Dan Clark and Josh Sundquist.  And to register to participate, e-mail Shay Jacobs at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

New HMDA Data Research Panel, Resources Announced by CFPB | Monday, 10 February 2014
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
Registration Open for 2014 Annual Meeting & Convention | Thursday, 30 January 2014
Registration is underway for the 2014 Annual Meeting & Convention of the Mountain West Credit Union Association.  The event takes place April 24-26, 2014 in Colorado Springs, CO.  Check out www.mwcua.com/am for all the event details.
First NCUA Supervisory Guidance of 2014 Centers on QM Rule | Friday, 03 January 2014
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
NCUA Approves Final Charitable Donation Account Rule | Friday, 13 December 2013

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

HUD Releases Its QM Final Rule | Thursday, 12 December 2013

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

CUs, FIs Get Social Media Guidance | Thursday, 12 December 2013
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
In Flood Insurance Rules, Consider Reg Burden: CUNA | Thursday, 12 December 2013
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
CUNA Calls on Congress to Aid CFPB Mortgage Compliance Delay | Thursday, 05 December 2013
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
CUs Told What Examiners Look For On Risk Management | Wednesday, 13 November 2013
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
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