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?

NCUA Details Changes to 5300 Call Report

The NCUA will make several significant reporting changes to the 5300 Call Report that will help implement the final TDR rule and loan-workout guidance that eased the reporting requirements for modified and TDR loans.