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The Fed Providing Free Webcast on Loan Originator Compensation

The mandatory compliance date for the loan originator compensation rules is April 1, 2011.  The rules are designed to protect mortgage borrowers from unfair or abusive lending practices that can arise from certain loan originator compensation practices.

Fed to Host Free Webcast on Risk-based Pricing Notices

The Federal Reserve System will conduct a webcast on risk-based pricing notices on February 16. This webinar is part of an ongoing series focused specifically on consumer compliance issues.

Social Security Administration to Change How Social Security Numbers are Assigned

In a move called ‘randomization’ the Social Security Administration will change the way Social Security Numbers are issued.

NWCUA Federal Legislative Week in Review

The latest news about NWCUA efforts in Washington D.C.

Results are in for National GAC

Within one week of the conclusion of the GAC, Sen. Mark Udall (D-Colo.) introduced legislation (the
Small Business Lending Enhancement Act, S509) increasing the authority of credit unions to make business
loans to their members. By the end of that week, 15 senators from both sides of the political aisle, had signed on as cosponsors.

Rockwell Leads Outreach Efforts

In 1988 Kasey Rockwell began her credit union journey as a teller at First Tech Federal Credit Union in Beaverton, Ore., an experience that gave her a solid understanding of the important role credit unions play in the lives of everyday people.

Fed Issues Clarifications to Reg Z Provisions that Apply to Open-end Credit Plans, Including Credit Cards

The Federal Reserve Board approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act).

Invest in America Adds MEMBERS ® Insurance to Lineup

Beginning this month, CUNA Mutual Group’s MEMBERS® Auto & Homeowners Insurance program will be available to credit union members through Invest in America. Members will now be able to research and purchase auto and homeowners insurance products from their primary carrier, Liberty Mutual. Learn more about the program.

NCUA: Some CU Volunteer Costs Can Be Reimbursed

According to the NCUA, some Volunteer costs associated with service can be reimbursed, however there are limitations, particularly in Washington State.

2011 HMDA Requirements Outlined by NCUA

The National Credit Union Administration in its Regulatory Alert No. 11-RA-02 is reminding credit unions that engage in residential mortgage lending of their 2011 reporting obligations under the Home Mortgage Disclosure Act.

Robust Technology is the Key to Maintaining a Compliant Overdraft Program

As regulators put the finishing touches on rules affecting overdraft programs, credit unions are looking for assurances that their existing program will pass examiner scrutiny, while continuing to provide a much-needed boost to their bottom line and a valuable service to their members.

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.

Free NWCUA Video Fulfills Vulnerable Adult Training Requirement

Credit unions operating in Washington state are required to train their member facing employees to recognize vulnerable adult abuse. Throught the NWCUA, receiving this training is just one click away.

War and Regulation: David Curtis Covers his Bases with a Sword and Pencil

Nursing a few bruises isn’t unusual for Northwest Credit Union Association Regulatory Analyst David Curtis. But despite his day-to-day quest to answer compliance questions from Northwest credit unions, this is not where his battle scars originate.

New NCUA Office Means Compliance Change for Federal Credit Unions

The NCUA’s new Office of Consumer Protection became effective on february 1. In addition to its obvious consumer protection role, one division of the new office will be responsible for consumer compliance policy, program and rulemaking, fair lending examinations, financial literacy programs and more.

NWCUA’s Prize Linked Savings Bill Passes Washington Senate

The Northwest Credit Union Association’s Prize Linked Saving bill on Wednesday passed a Senate floor vote 46-2. The legislation will now move to the House State Government & Tribal Affairs Committee, a body that has already heard and passed a companion measure to the legislation

Compliance Question of the Week

How long does a stop payment order remain in effect?

Treasury Releases Interim Final Rule Changing Garnishment Procedures

Late last week the Treasury released its interim final rule that will make radical changes to your credit union’s garnishment proceedings. This rule applies unless the garnishor is the Federal government or a State child protection agency.