CFPB Proposes Extension of the Use of Estimates on Remittance Transfer Disclosures

The Consumer Financial Protection Bureau has released a proposed rule that would extend a temporary provision that allows credit unions to use estimates for certain fees on remittance transfer pricing disclosures. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Which logo do I use: Equal Housing Opportunity, or Equal Housing Lender?”

NCUA Releases Additional Regulatory Alerts on Mortgage Servicing Rules

The National Credit Union Administration has released regulatory alerts regarding the new Mortgage Servicing Requirements under the Truth in Lending Act and the Real Estate Settlement Procedure Act.

Legal Briefs

Your weekly update on the regulatory landscape includes an announcement on a new loan participation rule, an invitation to an NCUA Town Hall webinar and a fraud alert for consumers.

CFPB Issues Proposal to Clarify and Enhance January’s Mortgage Rules

Credit union comments had a significant impact on changes to the CPFB Mortgage Rules. The NWCUA compliance team reports some of the clarifications issued this week are substantial.

CFPB Issues Two Final Mortgage Rules

The CFPB has issued two final rules updating mortgage rules. One delays implementation of the rule prohibiting financing insurance premiums on transactions insured by dwellings. The other facilitates access rules exemptions for small creditors, community development lenders and housing stabilization programs.

Legal Briefs

Your weekly update on the regulatory landscape.

IRS Pushes Back Some FATCA Compliance Dates

While the reporting requirement on 1042-S remains unchanged, the IRS and the U.S. Treasury have moved back several of the key compliance dates for the Foreign Account Tax Compliance Act (FATCA).

CFPB Finalizes Rules Regarding Enforcement

Earlier this week, the CFPB posted four final rules (one interim) dealing with its procedures and practices related to enforcing consumer financial law.

Legal Briefs

Your weekly update on the regulatory landscape.

NCUA Finalizes Changes to RegFlex

The NCUA board of directors unanimously approved a final rule extending RegFlex provisions to all federal credit unions and eliminating the RegFlex designation program.

Compliance Question of the Week

We’re working with a credit bureau to offer a credit card solicitation to select members. The results of our pre-screen criteria indicated that a certain number of members had selected “do not solicit.” We’re thinking this pertains to those who have contacted the credit bureau(s) to remove their names from pre-screened offers. Is this correct? And are there any state laws we should know about concerning “do not solicit”?

Compliance Question of the Week

Can a credit union have a lending promotion where people living in a certain area (like close to a new branch) get a discount on their interest rate?

Oregon Legislative Week in Review

This Oregon Legislative Update outlines the eight mortgage/foreclosure bills currently of interest to credit unions during the Oregon Legislature’s first-ever “short session.”

FinCEN Proposes Reporting Requirement of International Transport of Prepaid Access Products at U.S. Borders

FinCEN has proposed adding certain dedicated prepaid access devices, such as prepaid cards and gift cards, to the list of monetary instruments to be reported when transported into or out of the U.S.

Technical Change Made to NCUA ‘Golden Parachute Rule’

The NCUA board of directors made technical modifications to its recent rule covering golden parachutes and indemnification payments to institution-affiliated parties.

Golden Parachute Rule Curtails Payouts at Troubled CUs

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