Legal Briefs

NCUA 

The NCUA released Letters to Credit Union 11-CU-08The letter covers the Voluntary Prepayment of Assessments Program.

The NCUA released Letters to Credit Union 11-CU-07The letter covers the financial trends of the federally insured credit unions for the first 3 months of 2011.  While credit unions are showing an increased return on average assets there are still negative trends with loan growth and income sources.

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Office of Foreign Assets Control

The OFAC SDN list was updated again.  Last update was June 29, 2011. 

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HUD

The HUD issued a final rule that sets forth the minimum standards for the state licensing and registration of mortgage loan originators.  The final rule is to ensure proper monitoring and enforcement of states’ compliance with statutory requirements.  This rule will be effective on August 30, 2011.

The HUD announced the revised disclosure notice on protecting homeownership rights of the military.  Lenders are responsible for sending the Notice of Disclosure to homeowners who are in default on a mortgage.

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Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in NCUA.