Effective Date: June 30, 2014 Overview The NCUA has amended—or rather, significantly expanded—the scope of the existing CUSO (Credit Union Service Organization) rule. Although NCUA does not have direct statutory authority to regulate CUSOs, it does have the authority to regulate the investments and loans a credit union makes to a CUSO. NCUA believes the [...]
Effective: December 19, 2013 Federal credit unions have a new world of investment products opening up to them as of December 19, 2013: charitable donation accounts (CDAs). This capacity was granted when the NCUA issued a final rule to amend Part 721, which deals with Incidental Powers, to allow federal credit unions (“FCUs”) the ability to [...]
UDAAP stands for Unfair, Deceptive, or Abusive Acts or Practices. The Dodd-Frank Act added the term “abusive” to the existing Unfair, Deceptive Acts or Practices Act in response to issues arising from the mortgage crisis and from certain credit card practices. The Dodd-Frank also gave authority to the CFPB to take enforcement actions, in addition [...]
NCUA has issued a final rule for FCUs that makes some minor revisions to the Fixed Assets Rule and clarifies and streamlines the waiver process. The final rule takes effect 11/18/2013. […]
NCUA has issued a proposed rule to amend Part 721 (comment period closed 10/21/2013), which deals with Incidental Powers. Specifically, federal credit unions had requested the ability to expand their charitable activities by investing in third-party trust accounts that help fund charitable causes or events. Here’s a breakdown of what the proposed rule would do. [...]
One of the many changes heading our way in January 2014 (on the 18th, to be precise) is an amendment to Reg. Z incorporating new provisions concerning appraisals for higher-priced mortgages. Here’s a plain-English breakdown of what’s required. […]
Compliance officers and others responsible for their credit union’s compliance program should be sure to place particular focus on three key areas in 2014. 1. Enterprise Risk – NCUA and the other federal regulators have said repeatedly that credit unions need to be sure they understand the risks involved in their operations and in the [...]
Once again the CFPB has issued another final rule that includes further amendments to clarify portions of its new mortgage lending rules. This final rule addresses the Regulation Z ability-to-repay provisions issued in January 2013, that will go into effect on January 10, 2014. Summary The CFPB has adopted several amendments in this final rule [...]
TRUTH IN LENDING, REGULATION Z Effective Date: January 10, 2014 Summary The Loan Originator Compensation Rule and the corresponding amendments to Regulation Z implement changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This new rule addresses how loan originators of mortgage loans are compensated, the qualifications of and registration [...]
NCUA has issued a final rule, which took effect 7/25/2013, that revises the existing loan participation rule and makes some corresponding and clarifying changes to the eligible obligation rule and the rule regarding purchases and assumptions. The bulk of the changes apply to the loan participation rule and extend the coverage of this rule to [...]