Your Association has a bevy of resources to help untangle the compliance burden credit unions face every day.
The Consumer Financial Protection Bureau (CFPB) issued an Interim Final Rule that broadens the availability of certain provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect on March 31, 2016. Read today’s Compliance update to find out more.
NCUA provides updated guidance on enhanced share insurance coverage for IOLTA and other similar escrow accounts; your question answered about safe deposit boxes and BSA compliance, plus this week’s legal briefs.
With credit union bills already passed houses of origin and moving forward, the first critical deadline of the legislative season leaves other bills ‘dead.’
Can we require a borrower to triple the amount of money that goes into their escrow account?
Credit unions have until Dec. 10 to comment on a proposed NCUA rule that would implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 that deal with private flood insurance, the escrow of flood insurance payments, and the forced-placement of flood insurance.
Two important mortgage rules take effect June 1, 2013. They concern higher priced mortgage loan escrow accounts and mandatory arbitration agreements.
The CFPB has issued two new documents pertaining to the Truth in Lending Act.
How can I learn more about setting up an escrow account?
A joint statement issued by the NCUA and other federal agencies discusses the effective dates of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, as well as the act’s effect on the agencies’ proposed Interagency Questions and Answers.
The CFPB last week issued the first three mortgage rule changes required by the Dodd-Frank Act, modifying ability-to-repay policies, escrow requirements for higher-priced mortgage loans, and changes to high-cost mortgage loan requirements.
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.
Can a credit union require a borrower, who has a less than stellar credit history, to triple the amount of money that goes into the escrow account?
The Association submitted a comment letter urging the agency to think about the ruleâ€™s effect on credit unions and specialized lenders.
While the Fed increased the APR threshold, CUNA notes that credit unions have the option to continue to follow the lower threshold that applied prior to the change.