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NWCUA, Oregon DMV Release Clarified Process for Private Vehicle Sales

In another advocacy win, processes for odometer disclosure in Oregon are simplified and streamlined.

Overdraft Protection Disclosures – Verify ‘Opt-In’ Compliance Now

Be in compliance with Regulation E. Your Strategic Link Partners, Foster Pepper PLLC provide insight.

Compliance Center: New CUNA Tools to Help Credit Unions With TILA/RESPA Compliance

New TILA/RESPA tools; your questions answered about how to ID a minor; plus this week’s legal briefs.

Compliance Center: DCU Guidance on State Mandated Disclosure Summary

Washington’s Division of Credit Unions says separate state disclosure no longer necessary if federal disclosures are made; plus question of the week and legal briefs.

‘Simplified’ Mortgage Disclosures Won’t Be a Simple Change for Credit Unions

Complying with the Consumer Financial Protection Bureau’s first six mortgage rules, which became effective in January, didn’t fundamentally change the mortgage process for members. Complying with the seventh new rule, however, will absolutely change the disclosures and mortgage process for your members.

Compliance Question of the Week

Are new disclosures required for skip payments? The Compliance Question of the Week delves into Regulation Z.

Regulatory Cliff Now Has an Extended Effective Date

The CFPB extended the effective date for several mortgage disclosures that are required by the Dodd-Frank Act to Jan. 21, 2013, delaying several of the act’s provisions until the final TILA-RESPA rules are in effect.

Change-in-terms Notice Deadline Approaching for Credit Card Disclosures

With authority for Regulation Z having been transferred to the CFPB, the CFPB’s website must be listed in the Credit Card Account Opening disclosure beginning Jan. 1, 2013.

ATM Legislation Reintroduced in Senate, Paired with ‘Privileged Information’ Provision

ATM fee notice legislation has been reintroduced in the Senate, combining the original measure with a provision that would also add the CFPB to the list of federal agencies required to keep data provided by financial institutions confidential.

Consumer Financial Protection Bureau Proposes Two Major Mortgage Rules

The CFPB proposed two rules this week. The first is the culmination of more than a year’s worth of work testing and revising mortgage disclosure forms. The second expands the protections given members who enter into “high-cost” mortgage loans.

Compliance Question of the Week

We are starting to offer Remote Deposit Capture to our members. Is there some sort of Reg CC deposit availability disclosure we need to provide?

Washington State’s One-Page Mortgage Disclosure Rescinded as of June 7

The Washington DFI released a bulletin this week informing credit unions about a change in Washington law. Beginning June 7, disclosures that comply with RESPA will be considered compliant with the disclosure required under state law.

New Legislation Advancing to Combat ATM Fee Lawsuits

Just as North Coast Credit Union has become the latest target of an opportunistic class-action suit regarding ATM fee notices, legislation has been introduced in Congress that could help put an end to these frivolous and potentially costly lawsuits.

Oregon Bill Changes Credit Union Compliance Measures for the Treatment of ‘Vulnerable Persons’

The state of Oregon recently passed H.B. 4084, which modifies the way crimes against vulnerable persons are handled and affects requirements for credit unions subject to court summons or subpoenas in such cases.

Legal Briefs

Your weekly update on the regulatory landscape.

FinCEN Issues SAR Confidentiality Reminder for Financial Institutions

The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.

Compliance Question of the Week

What’s up with the Pew Model Disclosure Box for checking accounts?

CFPB Continues with Mortgage Form Revisions

As part of the “Know Before You Owe” project, the CFPB has made a subtle but important change to the mortgage disclosure form in its most recent revision.