NWCUA Regulatory Advocacy Update

NCUA Cancels February Board Meeting

In an effort to help streamline processes and evaluate what actions are essential, the National Credit Union Administration (NCUA) has cancelled its scheduled February board meeting. In an interesting step, Matz reiterated the NCUA’s understanding “that many credit union officials are feeling overwhelmed by a large number of proposed and final regulations, many of which are mandated by statute and issued by several different agencies.” She also stated that the agency is “carefully evaluating which NCUA rules need to be streamlined, eliminated or clarified in 2012,” and said it may cancel additional meetings this year, if needed.

The Northwest Credit Union Association (NWCUA) is currently seeking comment on the NCUA’s list of regulations to be evaluated this year. To review and comment on clarifications, simplifications or overall relief measures, click here.

CFPB Unveils Sample Periodic Mortgage Statement

The Consumer Financial Protection Bureau (CFPB) has completed its first round of testing on a proposed periodic mortgage statement form and is planning two additional rounds of testing between now and midyear.

Its goal “is to create a statement that is easy to understand and that provides information to borrowers about current and past payments.” The bureau went on to say that it wants “to include all the important information but not overload the consumer with unnecessary details.”

The model form includes space for information on:

  • The principal loan amount
  • The current interest rate
  • The date on which the interest rate may next reset
  • A description of any late payment fees and any prepayment fee to be charged
  • Information about housing counselors
  • Phone number and email address for borrowers to obtain information about the mortgage
  • Other information the CFPB may prescribe in regulation

With these prescriptive areas, the CFPB stated stakeholders “will have some flexibility to tailor the model form to work for their needs and the needs of their customers.”

The Association will continue to monitor this process with the understanding that much of the CFPB’s work impacts credit unions—even those not supervised by the Bureau itself.
The CFPB form is available here.

Last Call for Controversial Comments on Participations and Liquidity

With the deadline knocking loudly, the Association is seeking final comments on the NCUA’s proposed rule on loan participations and advance notice of proposed rulemaking on access to emergency liquidity. Comments on both issues are due to the NCUA by Tuesday, Feb. 21.

More information about each proposal and the opportunity to submit comment is available here.
“The input from credit unions around the Northwest on regulatory proposals continues to grow, and with that, so does the Association’s depth and breadth of comment,” said NWCUA Director of Regulatory Advocacy Jaycee Winn. “Thank you!”


The NWCUA Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. The Association encourages members to participate in the regulatory process. If you have any questions on these or any regulatory issues, please contact Director of Regulatory Advocacy Jaycee Winn at jwinn@nwcua.org, or at 800.995.9064 x209.

Posted in Advocacy News, Compliance News, NCUA, NWCUA.