New Mortgage Rules Take Effect Jan. 10; CFPB’s Cordray Thanks Credit Unions for ‘Hard Work’

On the eve of the implementation of new mortgage rules adopted by the Consumer Financial Protection Bureau, CFPB Director Richard Cordray thanked credit unions this week for taking “another critical step in the ongoing recovery of the housing market.”

A Look Back at Compliance Issues in 2013

Without a doubt, 2013 may have been one of the most challenging years ever for dealing with new compliance requirements.

Seven Things You Can Do Today to Create Your Branch of the Future

Rapidly changing consumer behavior has made the branch as we know it today irrelevant to many, but the truth is that consumers still want a personal relationship with their financial institution. The good news is that by focusing on the consumer experience, you can start to meaningfully transform your branches today without having to build a new and expensive showpiece.

Get RIPT: New NWCUA Tools Can Help Credit Unions Clear a Path Through Regulations and Rule Changes

Northwest credit unions can create an easier path through the mountain of regulations and rule changes they face with the help of a new toolkit unveiled this week by the Northwest Credit Union Association.

IRS Updates W-9; Credit Unions May Need to Modify Applications

The Internal Revenue Service has released an updated version of Form W-9 and instructions.

Additional Mortgage-Rule Amendments Expected Soon

The Consumer Financial Protection Bureau is expected to amend its mortgage rules in response to lender concerns. Lenders are expected to support the changes but may have concerns about meeting the implementation deadlines.

New Marijuana Memo Changes Nothing for Credit Unions

The federal government has decided not to challenge state marijuana laws, but credit unions still will have to comply with reporting requirements when they open accounts for marijuana businesses.

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DFI, NWCUA and Washington Credit Unions Collaborate Reviewing Model Bylaws

A work group of NWCUA and Washington credit union staff has collaborated with the DFI in reviewing the model bylaws for state chartered credit unions. Their work continues, but has already resulted in a revisions bulletin from the state regulator.

Washington DCU issues Bulletin on Credit Union Act Changes

The Washington DCU has issued a bulletin detailing the rulemaking process for updates to the state Credit Union Act. Our compliance report tackles some of the changes taking effect July 28.

What HB 1582 Really Means for Washington State-Chartered Credit Unions

With two NWCUA-sponsored bills moving quickly through the Washington State Legislature, credit unions should begin looking ahead at how the bill will affect them should Gov. Jay Inslee sign it into law.

CFPB’s Chow to Discuss Regulations, Hear Feedback from Northwest Credit Unions

Before the ink has even dried on the CFPB’s rules implementing Dodd-Frank mortgage requirements, Northwest credit unions will have the opportunity for face-to-face dialogue with Edwin Chow, the agency’s regional director, through an exclusive discussion session on Feb. 4.

Join Us for a Dialogue with CFPB Regional Director Edwin Chow

This is your chance to get your concerns adressed, as well as to advocate for beneficial changes to these rules prior to when they go into effect.

Steady Stream of Mortgage Servicing Rules Continues from CFPB

As expected, the CFPB released another final mortgage servicing rule today, following the three issued last week and this week’s multi-agency rule on appraisals for higher-priced mortgages. Two additional rules related to mortgage appraisal and mortgage loan originators are expected by Jan. 21.

CFPB Issues Semiannual Regulatory Agenda, Mortgage Lending Changes Anticipated

The CFPB issued its semiannual regulatory agenda today and as soon as tomorrow is expected to begin issuing final rules that will impact mortgage lending, including changes to loan originator compensation, disclosures and more.

CFPB Issues Proposals to Remittance Transfer Rule

The CFPB is seeking comment on four proposed changes to the Remittance Transfer Rule, all of which are considered beneficial to financial institutions that will continue offering remittance transfer services.

NCUA Details Changes to 5300 Call Report

The NCUA will make several significant reporting changes to the 5300 Call Report that will help implement the final TDR rule and loan-workout guidance that eased the reporting requirements for modified and TDR loans.

Legal Briefs

Your weekly update on the regulatory landscape.

How Valuable is Your Documents Provider?

With constant changes to regulations, how can a credit union be assured that they are remaining compliant with their documents? CUNA Mutual Group’s LOANLINER Documents can be your trusted partner providing value that extends beyond the document.