Mountain West News
NCUA Unveils New Resources for Consumer Protection |
Credit union officials now have new resources to better understand and follow new consumer protection rules on mortgage lending and remittance transfers. The National Credit Union Administration released a three-part Consumer Protection Update and posted supporting content on the agency’s consumer Web site, MyCreditUnion.gov, to explain the new rules on international remittances and mortgage lending. The rules are required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.   Read More

MyCreditUnion.gov/update
CUNA To CFPB: Delay CU Compliance Deadline For QM Rule |
Continuous communication with the Consumer Financial Protection Bureau is one way the Credit Union National Association is working to minimize the regulatory burdens faced by credit unions, and CUNA in recent meetings has suggested steps that could ease qualified mortgage (QM) regulation compliance issues, CUNA Deputy General Counsel Mary Dunn said Monday.

The CFPB cannot, by statute, delay the compliance date of pending QM regulations. However, CUNA has called on regulators to give credit unions a buffer of at least six months as they work to come into compliance with the QM standards once the rule goes into effect. CUNA has also urged a similar six-month delay be applied to legal liability provisions of the regulation.  Read More
NCUA Letters Detail Liquidity, E-Filing Regs For CUs |
In a pair of Friday letters to credit unions, the National Credit Union Administration provided details on two final rules approved at the October open board meeting: emergency liquidity and contingency plans and e-filing regulations.

"Guidance on How to Comply with NCUA Regulation §741.12 Liquidity and Contingency Funding Plans" (13-CU-10) is the first of the two letters. That rule, which is scheduled to become effective on March 31, will set up three-tiered emergency liquidity requirements for credit unions with less than $50 million in assets, between $50 million and $250 million in assets, and more than $250 million in assets.

In the e-filing letter, "​Electronic Filing of Call Reports and Extended Filing Dates for 2014" (13-CU-11), the agency covers the why and when of that new rule. The final e-filing rule approved by the agency will require all federally insured credit unions to file financial, statistical, and other reports and credit union profiles electronically using the NCUA's information management system or other electronic means specified by the agency.

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CUNA Seeks Contact By CUs Ceasing Remittance Services |
The Credit Union National Association encourages credit unions to contact the trade group immediately if they plan to stop offering international remittance services because of compliance burdens imposed by a new Consumer Financial Protection Bureau rule that goes into effect Monday.

"If your credit union has stopped offering international remittance services because of concerns with the rule, CUNA would like to hear from you," encouraged CUNA Senior Vice President and Deputy General Counsel Mary Dunn Thursday.   She recommended such credit unions contact CUNA immediately at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Under CFPB rule, remittance transfer providers are required to give prepayment and receipt disclosures to the consumer-sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.
CFPB Publishes Remittance Exam Procedures |
The CFPB today published the procedures it will use in examining institutions that make remittance transfers for consumers. The Bureau is also releasing eRegulations, an online tool "designed to make regulations easier to understand."

CFPB examiners will use the procedures as a guide to ensure compliance with the Reg E remittance transfer regulation, including: providing the required disclosures, following proper error resolution procedures, and offering refund and cancellation rights to consumers.  Read More
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