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Fed Proposes Rule Under Reg. Z Pertaining to Ability to Repay Mortgage and Minimum Underwriting Standards

The proposal would apply to all consumer mortgages except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans.

Compliance Question of the Week

When are member funds presumed abandoned?

Credit Scores to be Required on Adverse Action and Risk Based Pricing Notices

The proposed rules from the Fed and the FTC will come into effective on July 21, 2011, as part of the credit score disclosure requirements in the Dodd-Frank Act.

Association Partners With Autoland as Its Preferred Car-Buying Partner

The new partner will help credit union members purchase vehicles. Lunch & Learn sessions will be held throughout the region.

NW CU Professionals Become Certified Development Educators

Three Northwest credit union professionals were among the graduates of the intensive, week-long Credit Union Development Education training held in Madison, Wis.

Warren Sees May Testing of Mortgage Forms

The CFPB will begin testing prototype model mortgage forms against existing laws, according to its head.

Fed Increases Jumbo Mortgage Escrow Threshold

While the Fed increased the APR threshold, CUNA notes that credit unions have the option to continue to follow the lower threshold that applied prior to the change.

Compliance Question of the Week

Am I required to ‘display’ the individual NMLS identifier number of our MLOs?

CUNA Mutual Answers Volunteer Indemnification FAQs

With volunteers’ fiduciary duties changing, CUNA Mutual suggests questions to ask your liability policy provider about your D&O coverage.

Oregon, Washington Foundations Signal Intent to Merge

After careful consideration, the Oregon Credit Union Foundation and the Washington Credit Union Foundation Boards of Directors have signed a letter of intent to merge.

IRS Issues Interim Guidance on Informational Reporting of Employer-Sponsored Health Coverage

The IRS emphasizes that this new reporting to employees is for their information only, and does not cause excludable employer-provided health coverage to become taxable.

Compliance Question of the Week

What is the ADA definition of a service animal?

Member & Chapter News – April 7,2011

Read about members making the news, including a new CEO appointment and a Volunteer of the Year Award. Also, information about two upcoming chapter meetings.

Stay Lifted from Loan Originator Compensation Rules

A U.S. Court of Appeals lifted a stay on the implementation of the Federal Reserve’s Regulation Z Loan Originator Compensation final rule, meaning the new rule will come into effect today.

Avoid ATM Fee Disclosure Lawsuits with Proper Monitoring

An escalating number of class action lawsuits filed against credit unions for failing to comply with Regulation E requirements for disclosing ATM fees has triggered a significant risk concern for credit unions.

NWCUA Offering Required FCU Director Training

the Northwest Credit Union Association (NWCUA) is offering the required training to help your board of directors to obtain a minimum ability to read a credit union income statement and balance sheet.

Washington State GAC Draws More Than 120

The Northwest Credit Union Association’s Washington Government Affairs Conference drew more than 120 participants from around the region last week to learn about new legislation and lobby the state legislature on credit union supported bills.

Credit Card Act Turns 1 Year Old Today

Since Phase I of the credit card act went into effect one year ago today, credit unions have had to modify their statements, work on fee structures, deal with change in terms notices, review interest rate increases, and adapt to a slew of other changes imposed by the regulation.