Mountain West News
NCUA Activates Disaster Relief Policy after Colorado Flooding |

Share Deposits Remain Protected up to $250,000; Agency Works to Ensure Access to Needed Financial Services for Credit Union Members

ALEXANDRIA, Va. (Sept. 14, 2013) – In the wake of the flooding in Colorado, the National Credit Union Administration has activated its disaster relief policy to help protect consumers and ensure the continuity of credit union services in affected areas.

Share deposits at federally insured credit unions remain protected up to $250,000 by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund is backed by the full faith and credit of the U.S. Government.

As part of the response to the flooding, NCUA examiners are surveying credit unions operating in affected areas. Some credit unions and branches in locations affected by the flooding may have curtailed hours or services. Credit union members in these areas should contact their credit unions or check their websites for the latest information.
Read the full Press Release from NCUA
CUNA Survey Investigates Impact Of CFPB 2014 Mortgage Rules |
The Credit Union National Association has just launched a survey of its members that will aid the trade group in assessing the full impact of new Consumer Financial Protection Bureau mortgage rules slated to take effect in January 2014.
 
In January of this year, the CFPB released a slew of final mortgage rules, many of which are scheduled to go into effect with the new year. 2014. The CFPB regulations address mortgage servicing, mortgage loan originator compensation, high-risk-mortgage appraisals, ability-to-repay requirements, escrow accounts and "high-cost" mortgages. Read More
Regulators Ramping Up Fair Lending Enforcement |
The NCUA and Consumer Financial Protection Bureau have placed more emphasis on Fair Lending laws and Home Mortgage Disclosure Act data collection in 2013, and credit unions can expect additional rules and exams in 2014.

Some are also anticipating the anti-discrimination reporting and compliance could be expanded to apply to auto financing, business loans and credit cards, which could change the way credit unions lend to members. 
NEW: NCUA Approves Final Version Of Fixed Asset Reg Changes |
The National Credit Union Administration approved a final version of fixed-asset regulation changes.

The changes include plain language revisions, new definitions and rewordings that impact the current fixed-assets rule, Section 701.36. That rule allows federal credit unions to purchase, hold and dispose of property necessary or incidental to their operations. These fixed assets include office buildings, branch facilities, furniture, computer hardware and software, and ATMs.

The amendments do not make any substantive changes to regulatory requirements. Rather, they are intended to clarify the rule by improving its organization, structure, and "ease of use."

The Credit Union National Association has spoken in support of these proposed fixed-asset rule changes.  Read More
Weather Update - Compliance School Denver |
For attendees of the Denver Compliance School today, Septmeber 12, 2013, there are flash flood advisories in surrounding areas of the city.  Class will take place, however, if you are in an affected area please be safe and do not feel required to be on the roads to attend class.  Local media has updates on road closures and advisories.  You may contact Shay Jacobs at 720-479-3280 or Nicole Bruewitz at 720-479-3275 with quesions.
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