updated 07/08/13 12:43 PM
TIPs: COUNTY LIST, AND GARNISHMENTS
Also, Loan Participation Date Delayed
New TIPs Bulletins published by the California and Nevada Credit Union Leagues have been posted on the Leagues' website regarding the Consumer Financial Protection Bureau's (CFPB) list of "rural" and "underserved" counties, as well as a multi-agency rule on federal benefit payment garnishments.
Rural and Underserved Counties, and Federal Benefit Payment Garnishments
TIPs Bulletin 13-34 examines how the CFPB has posted an updated list of counties determined to be rural or underserved for purposes of applying several regulatory provisions in 2014.
TIPs Bulletin 13-33 provides details on how the Treasury Department, Social Security Administration, Veterans Affairs Department, Railroad Retirement Board, and Office of Personnel Management have issued a final rule revising the procedures that credit unions and other financial institutions must follow when a garnishment order has been received against an account containing certain protected federal benefit payments that have been direct deposited.
Loan Participation Effective Date Pushed Back
The National Credit Union Administration (NCUA) announced a new effective date (Sept. 23) for its final rule on loan participations, which will give credit unions flexibility to adequately prepare for the rule's changes. The original effective date was July 25.
The NCUA approved the loan participation rule at last month's open board meeting, which the Leagues' TIPs Bulletin 13-32 discusses in detail.
Mortgage Rules Readiness Guide Released
The CFPB has released its first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide. The guide is published to:
  • Assist regulated entities in achieving compliance with the mortgage rules
  • Highlight key issue areas that may be closely examined during a review
  • Focus the industry and examiners on key elements of a compliance management system that may warrant review, modification, or other enhancement.
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