Legal Briefs

National Credit Union Administration (NCUA)

The NCUA has announced that it will host a Town Hall Webinar with CFPB Director Richard Cordray on Wednesday, Feb. 12. Credit unions can register for the webinar here.

On Wednesday, Jan. 22, the NCUA will host a free webinar on examination modernization. The webinar will cover the changes made by the NCUA to streamline and improve consistency of the examination report process. Credit unions can register for the webinar here.

The NCUA has released a new and improved insurance coverage estimator.

The NCUA has published two regulatory alerts concerning the new mortgage rules that take effect this month. Alert 14-RA-01 covers the ability-to-repay and QM rules, while alert 14-RA-02 discusses the new homeownership counseling requirements.

Consumer Financial Protection Bureau (CFPB)

The CFPB has issued a request for information relating to the mortgage closing process. Specifically, the bureau is looking for information on “pain points” associated with mortgage closings.

The CFPB released a fact-vs.-fiction guide that is aimed at helping consumers and lenders understand how the ability-to-repay and QM rules will impact them.

The CFPB will be hosting live training for housing counselors, legal aid attorneys and other advocates on the new mortgage servicing rule on Friday, Jan. 10. Credit unions interested in the training can watch the event live at the CFPB’s website.

The CFPB has also launched a new resource guide for consumers relating to the new mortgage rules. The resources include sample letters that consumers can use, mortgage tips and fact sheets on the rules.

Nationwide Mortgage Licensing System & Registry (NMLS)

The NMLS has announced that its call center is now available through a toll free number (855.665.7123). The old NMLS number became inactive Jan. 6.

Federal Housing Finance Agency (FHFA)

The FHFA announced that Melvin L. Watt, the new director of the FHFA, was sworn in to a five-year term on Jan. 6. 

Federal Reserve Board (FRB)

Federal Reserve Chairman Ben Bernanke delivered a speech at the annual meeting of the American Economic Association. In his speech, Bernanke discusses topics that he thought were important to note before his term ends.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Jan. 8. The last update prior to this was Jan. 7.



Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NCUA.