Advocacy News
NCUA Removes CUSO Registry Requirement From Call Reports
The move is part of Chair Metsger’s Continual Quality Improvement effort, and begins with the Sept. 30 reporting cycle.
Anthem
Compliance Center: Requirements of Oregon’s Sick Time Law
Oregon’s new sick time law took effect January 1. Your compliance report this week details what credit unions need to know.
Compliance Center: Requirements of Oregon’s Sick Time Law
Oregon’s new sick time law took effect January 1. Your compliance report this week details what credit unions need to know.
Washington Legislative Update: Credit Union Bills Pass Washington Legislature
Both credit union priority bills passed the Washington State Legislature and will be sent to the governor to be signed into law.
Reminder: Compliance Date for NCUA Emergency Liquidity Rule is March 31
Credit unions have until March 31 to complete their compliance preparations for the National Credit Union Administration’s new Emergency Liquidity Rule. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can we require a loan to have automatic payments as a condition of granting the loan?”
Compliance Corner: HUD Updates Foreclosure Brochure
All FHA-approved mortgage lenders are now required to use a new foreclosure brochure from the Department of Housing and Urban Development, and HUD has released a letter announcing the update and reviewing its proper use. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “If a membership was opened that lacks the necessary information, do we have to go through the expulsion process to close the membership?”
Compliance Question of the Week: What Do We Do if We Repossess a Vehicle That Has Items in It?
Vehicle repossession takes on a new challenge when there are items in the car. This week’s compliance question tackles the issue of what to do.
New Round of IRS Tax Exemption Automatic Revocation Letters May be Starting
Like zombies in a B-movie that just won’t go away, Northwest credit unions are once again finding letters on their doorsteps informing them that their tax exemption is on the IRS’ list for automatic revocation.
Compliance Question of the Week
In our membership and account agreement, the section regarding our Credit Union Lien and Security Interest reads: “…In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law.”
Is the verbiage regarding “except obligations secured by your dwelling” required per any state law or federal regulation? Do you know why this is included in our agreement?
Credit Unions Still Receiving IRS Threats to Tax Status
Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.
Standard Flood Hazard Determination Form Revised
The Standard Flood Hazard Determination Form has been revised. The agency will be allowing users a three-year transition period ending May 30, 2015, so user systems can be changed before final adoption of the form is required.
CFPB Issues Proposed Mortgage Servicing Rules
The CFPB issued two notices of proposed rulemaking designed to protect homeowners from surprises and mistakes made by mortgage servicers. The two notices contain nine specific provisions regarding mortgage lending.
CFPB Provides Clarification to Credit Card Account Opening Disclosures
Credit unions must update the website reference on their credit card applications and solicitations by Jan. 1, 2013, to reflect the transition of Reg Z to the CFPB. This is not a “significant change” and does not require a 45-day written notice.
What to Do if Your Tax Exemption Was Automatically Revoked by the IRS
The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.
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.
Compliance Question of the Week
Should I file a CTR?
Compliance Question of the Week
We received a Notice of Reclamation from the Social Security Administration… but the member is still alive. In fact, he’s standing right in front of me. What should I do?
Compliance Question of the Week
Where on our website do we have to include the NCUA and Equal Housing logos?