Countdown to Fixed Asset Rule; Here's What You Need to Know
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. […]
How the NCUA's Proposed Rule on Charitable Donation Accounts Would Impact You
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. [...]
HMDA: Regulatory Expectations on the Rise
Last week, the CFPB announced that it was taking action against two lenders for submitting incorrect mortgage loan information under HMDA. One institution was fined $425,000, and the other was fined $34,000. The agency wasn't subtle about its desire to use the announcement to call attention to the importance it places on accurate data submissions. [...]
How Appraisals Are Affected by New Higher-Price Mortgage Rules
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. […]
Fun New Mortgage Servicing Rules: The Error-Resolution & Information Request Rule
Just for fun, let’s break down the new mortgage servicing rules that are due to be implemented next January. In this series of articles, we are going to look at the new amendments in the Dodd-Frank Legislation that are collectively referred to as the Mortgage Servicing Rules. There are roughly eight amendments to Regulation X [...]
Does Your Financial Institution Have an NMLS System Administrator?
The annual MLO (Mortgage Lending Originators) registration renewal period is coming! As you will all remember, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) created the NMLS Federal Registry where all mortgage lending originators (MLOs) must be registered before working. The annual renewal period begins on November 1, 2013. Every MLO at your [...]
ROBOCOP- How the New Rules for Telephone Consumer Protection Act Affect Your Financial Institution’s Marketing Program!
Among the myriad of privacy related laws and regulations, there is the 1991 Telephone Consumer Protection Act (TCPA). This law seeks to regulate unwanted calls, voice messages, texts and other types of telephone communications. Among other things, the TCPA allows individuals and groups to file lawsuits and collect damages for receiving unsolicited telemarketing calls, faxes, [...]
10 Essential Twitter Accounts for Compliance and Risk Issues for Financial Institutions (Part 2)
In part 1 of this 2-part blog post, we rounded up the first five of our essential Twitter accounts for those with responsibilities for compliance and risk at their financial institutions. Here is our second group of five to round out our top 10 (for now, anyway). Although the Twitter compliance community appears to be still [...]
Compliance for Credit Unions – 3 Tips for 2014
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 [...]
Here's What's Happening to Truth in Lending's Ability-to-Repay Provisions
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 [...]