Disciplinary Action Functionality Added to NMLS Registry

The federal registration component of the Nationwide Mortgage Licensing System and Registry was updated last week to accommodate the collection of information about certain disciplinary, enforcement, and other actions against a mortgage loan originator.

Compliance Question of the Week

How detailed should board minutes be?

CFPB Says Credit Unions Could Be Responsible for Third-party Actions

The CFPB recently issued a bulletin reminding credit unions that they can be held responsible for the actions of third-party contract service providers and that they are expected to have an effective process of managing risk in these relationships.

CFPB Addresses Military, Mortgage Disclosures, and Credit Unions

The CFPB, now fully operational after the installation of Director Richard Cordray, recently established an advisory council for credit unions, a tracking system for financial scams targeting the military and a revamped form for mortgage disclosures.

Golden Parachute Rule Curtails Payouts at Troubled CUs

The rule also limits a federally insured credit union’s ability to provide indemnification.

NCUA Takes Action on Corporate Credit Unions

On Friday, September 24, the NCUA took action on the corporate credit union issue. These actions are extremely complicated and still being interpreted by the credit union industry.