jtemplate.ru - free templates joomla
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
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
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.

Read More
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 email 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.
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
As the Oct. 28 effective date for new remittance transfer regulations approaches, the Credit Union National Association is reminding credit unions of how the coming regulatory changes could impact their daily business, and how they can prepare for the changes.

Under the final Consumer Financial Protection Bureau rule, remittance transfer providers are required to provide 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. 
Read More
Changes that will streamline credit union examination reports and improve the overall exam process by setting clearer expectations for credit unions and examiners will be introduced on Jan. 1,  the National Credit Union Administration said in a letter to credit unions (13-CU-09) released Tuesday. The Credit Union National Association has long sought the kind of changes provided in this NCUA letter, Deputy General Counsel Mary Dunn noted.

The NCUA noted it considered feedback from credit union industry officials as it developed these changes. 
Read More
Rep. Bill Huizenga (R-Mich.) last week introduced a pared-down version of the Consumer Mortgage Choice Act (H.R. 3211),  a bill which would address some credit union concerns regarding point and fee definitions in the Consumer Financial Protection Bureau's amended final "Ability to Repay" rule.

The CFPB's "Ability to Repay" rule, which will require lenders to determine a borrower's ability to repay before writing a mortgage loan, is slated to take effect on Jan. 10, 2014. CUNA remains concerned about the definition of points and fees in the rule, CUNA President/CEO Bill Cheney wrote. "Specifically, we are concerned that the inclusion of affiliated title charges remains as part of the points and fees definition," he said.  Read More

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 NCUANCUA Activates Disaster Relief Policy after Colorado Flooding
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