Fed Clarifies Portions of New TILA Rules

The clarifications relate to the Fed’s final rule and are intended to help card issuers understand their compliance obligations under changes to Regulation Z.

Legal Briefs

Your update on the regulatory landscape.

The Trust Helps CUs Navigate Healthcare Reform

Though a significant portion of the new healthcare law’s rules have yet to be defined, NW Financial Employees’ Benefit Trust lays out some of the major changes.

Compliance Burden Has Grown by 19,000 Pages since 2009, NWCUA Finds

Since January 2009, thousands of pages of regulations and rules have been issued by various agencies, including the Federal Reserve and NCUA, that credit unions must comply with.

Federal Legislative Week in Review

With Congress in recess, take the opportunity to see your legislators in person and remind them of the need to stop, study, and start over with interchange regulations.

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.

Federal Legislative Week in Review

It is all interchange, interchange, interchange as state and national associations push Congress to stop the Durbin Amendment from being implemented as is. Member credit unions are being asked to use social media and mobilize their membership in the effort.

CUNA Regulatory Advocacy Report

The most recent update from CUNA on Regulatory Advocacy activities.

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.