the AffirmX blog
Effective Date: December 11, 2013 If there’s one thing financial institutions can’t avoid anymore, it’s social media. Whether you’ve hopped on the bandwagon already or you’re hoping it will pass you by unnoticed, the FFIEC recommends the following guidance for considering the effect social media could have on your institution, for better or worse. Overview [...]
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 [...]
Proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies If you are a financial institution regulated by the OCC, the Fed, the FDIC, the SEC, or the NCUA, diversity policies and practices are evolving. Not only is there a greater expectation to use minority-owned [...]
Proposed Rulemaking Comments Due Dec. 10, 2013 The compliance world has been deluged with 166 new pages of proposed rulemaking to amend flood insurance rules. Issued by the five federal regulators on October 11, the proposal amends regulations varying from escrow of premiums and fees to the seven rules for private flood insurance. In addition, [...]
The seventh in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, there are several amendments to Regulation X (RESPA), including a vague-sounding section entitled Policy, Procedures and Requirements. This provision does not [...]
The sixth in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, the Loss Mitigation section contains specific guidelines to occur prior to the foreclosure process. This section follows similar sections dealing [...]
The fifth in a series of posts on the new mortgage servicing rules. CFPB has issued the Final Rule for Mortgage Servicing, which takes effect January 10, 2014. Among the numerous changes to mortgage servicing, there are several amendments to Regulation X (RESPA), including three new Rules about dealing with delinquent borrowers. These rules are [...]
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 [...]
The CFPB has released the examination procedures for the new Remittance Transfer Rule, which is an amendment of Regulation E or Electronic Funds Transfer Act (EFTA). The final rule went into effect on Monday October 28th. 2013. The CFPB examination procedures contain a breakdown of audit procedures, a summary of the regulation itself and a [...]
