Offer TRID Grace Period: NWCUA to CFPB

The Association sent a letter to the CFPB with three requests regarding upcoming TRID implementation, the most urgent of which is for a transitional implementation grace period through the end of the year.

Northwest Credit Union Foundation Seeking Nominations for Five Seats on Board of Directors

Nominations are now being accepted for five seats on the Northwest Credit Union Foundation’s board of directors. Nominations will be accepted beginning today and must be received no later than 5 p.m. on Tuesday, May 27.

Northwest Credit Union Association Seeking Nominations for Board of Directors

Nominations will be accepted beginning March 12 for four seats on the Northwest Credit Union Association’s 11-member board of directors.

Compliance Question of the Week

Do we need to certify our exemption from the foreclosure bills in Oregon and Washington every year?

CFPB Releases Final TILA-RESPA Combined Disclosure Rule

The Consumer Financial Protection Bureau has released its long-awaited final rule for Integrated Mortgage Disclosures under RESPA and TILA.

How Lender Liability Losses Turn Into Class Action Lawsuits

With lender liability lawsuits on the rise, credit unions could be at risk for class action lawsuits. Our Strategic Link business partner, the CUNA Mutual Group, details the three most common flaws leading to legal liability.

picture of a notepad on a desk

NWCUF Election Process Underway, Declaration of Candidacy Forms Due May 24

Passionate about the People Helping People philosophy? Four seats are open on the Northwest Credit Union Foundation Board of Trustees. The board helps to manage the Foundation’s budget, direction and policy. Three seats are scheduled for election, and a fourth seat is available for appointment by the board.

NWCUA Members Invited to Answer the Call to Serve

Nominations are being accepted for four seats on the NWCUA board of directors. The board works closely with the executive office to establish the Association’s governance and direction.

Regulatory Advocacy Update: Overview of CFPB’s Proposed ‘Know Before You Owe’

The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is an update on the CFPB’s efforts to combine RESPA and TILA into a comprehensive rule.

Legal Briefs

Your weekly update on the regulatory landscape.

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.

Credit Unions Must E-file BSA Forms by July 1

FinCEN will require almost all BSA reports, including CTRs, SARs and designations of exempt persons, to be e-filed as of July 1.

FinCEN Releases Test Site for the New CTR and SAR

FinCEN has updated its BSA E-Filing System’s User Test System website to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new CTR and SAR. The site also offers a preview of the PDF versions of the new reports.

CFPB Addresses Military, Mortgage Disclosures, and Credit Unions

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.

FinCEN Extends Deadline for Adopting New CTR and SAR

FinCEN announced that the deadline for financial institutions to utilize its new Currency Transaction Report and Suspicious Activity Report has been extended to March 31, 2013.

CFPB Begins Mortgage Closing Form Revisions

The CFPB is continuing its process of combining the federal Truth in Lending disclosures with the required Real Estate Settlement Procedures Act HUD-1 settlement statement, entering the second phase of its “Know Before You Owe” project.

Compliance Question of the Week

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

Notice Regarding How to Correct or Amend Paper Bank Secrecy Act Forms

Due to business process changes resulting from FinCEN’s BSA IT modernization, paper form instructions that pertain to filing corrections or amendments have changed.