NCUA Issues Regulatory Alert Regarding Ability-To-Repay and Qualified Mortgage Rule

The NCUA has issued a new regulatory alert to remind credit unions of the compliance requirement for the CFPB’s Ability to Repay/Qualified Mortgage Rule. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What happens if the person who is renting a safe-deposit box passes away? Who has access?”

Compliance Question of the Week

What happens if the person who is renting a safe deposit box dies?

Nurturing Emotional Ownership Makes for a Stronger Organization

While economic conditions may be improving, credit unions continue to face challenges that can only be overcome with a completely dedicated workforce.

Oregon Supreme Court Ruling Partially Overturns Lower Court Ruling Regarding MERS

An Oregon Supreme Court ruling opens the door for financial institutions to return to a quicker, less expensive non-judicial foreclosure process. More on how the ruling could affect credit unions is explained in this week’s compliance report.

Currency Transaction Report Aggregation for Businesses with Common Ownership

FinCEN is issuing guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership.

FinCEN Considers Rules on Identifying New Members Joining Credit Unions

An advance notice issued recently by FinCEN is soliciting public comment on an explicit customer due diligence obligation that could require financial institutions to identify beneficial ownership of their account holders.

Compliance Question of the Week

What happens if the person who is renting a safe deposit box dies? Who has access?