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The Consumer Financial Protection Bureau has consolidated its new and pending mortgage rules, and associated implementation materials, into a new one-stop regulatory resource for credit unions and others impacted by and interested in is rules.

The bureau's new Regulatory Implementation web page includes:

  • Mortgage rules at a glance;
  • Small entity compliance guides;
  • Videos;
  • Quick reference charts;
  • The 2013 rural or underserved counties list; and
  • Other materials.  Read More
The Treasury Department's Office of Foreign Assets Control (``OFAC'') published the names of 3 individuals whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support terrorism.''  Read More
The Federal Bureau of Investigation (FBI) has seen an increase in cyber criminals who use online photo-sharing programs to perpetrate scams and harm victims' computers.

As an example, the bureau cited scammers who advertise vehicles online but will not provide photos in the advertisement. The ad promises to send photos on request, but often the photo is a single file sent as an e-mail attachment, and sometimes the victim receives a link to an online photo gallery.  Read More
Examination procedure manuals for two lending regulations, the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA), have been released by the Consumer Financial Protection Bureau.

The CFPB in a release said the new manuals "are intended for use by CFPB examiners and the financial institutions and mortgage companies subject to the new regulations.  Read More
The Federal Financial Institutions Examination Council (FFIEC), which is comprised of federal bank regulators plus the National Credit Union Administration, sent a letter to the Financial Accounting Standards Board that supported proposed credit impairment recognition changes but encouraged modifications to the proposal for "small and less complex entities."

The joint agency letter was issued the same day as the separate Friday letter from the NCUA that urged FASB to strongly consider how proposed credit impairment recognition changes could impact small- and medium-sized credit unions, and their ability to serve members of modest means. The letter said the compliance costs that the proposal could create are a particular concern for the agency and that the NCUA also has safety and soundness concerns regarding the proposal.  Read More

State-chartered credit unions and other tax-exempt organizations must file their 990 forms by May 15 or risk losing their tax-exempt status, the Internal Revenue Service reminded on Friday.

State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes.  Read More

The Consumer Financial Protection Bureau has favorably responded to the Credit Union National Association's recent request that the agency delay a June 1 effective date relating to the prohibition on financing certain credit insurance charges. The provision is contained within the bureau's mortgage loan originator compensation rule.
 
The CFPB told CUNA it will seek comment for 15 days on a proposed delay.
 
CUNA had expressed concern that certain language within the new rule needed clarification, and that a June 1 effective date of this prohibition could upend practices at some credit unions. However, CUNA does not support the financing of actual single premium insurance charges.  Read More

As expected, the Consumer Financial Protection Bureau didn’t implement any changes credit unions were seeking to its final remittance rule, but the regulator did give remittance providers six months to comply, announcing an Oct. 28, 2013 effective date.

In the final rule issued Tuesday, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer.

The rule also provides consumers with error resolution and cancellation rights.  Read More

An escrow rule summary, and tips to help small issuers and their business partners implement that rule, were released by the Consumer Financial Protection Bureau late last week. The CFPB also released a proposal to address questions regarding qualified mortgages and servicing.

The escrow rule guide provides a plain language overview of the rule, and a list of frequently asked questions. These documents will make the content of the rule "more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff," the CFPB said in a release.  Read More
The National Credit Union Administration on Friday sent out two letters: One on low income credit union (LICU) changes and a second letter that addresses creditworthiness and credit risk guidance for corporate credit unions.

The LICU letter was sent to federally insured state-chartered credit unions. The letter highlights recent NCUA procedural changes that streamline the process for state-chartered credit unions to determine if they are eligible for a LICU designation.  Read More