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.
How detailed should board minutes be?
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.
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.
The rule also limits a federally insured credit union’s ability to provide indemnification.
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.