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|December 6, 2013|
|TIPs Bulletin #13-53||IRS Issues Changes to its 2014 IRS Mileage Rates|
|November 21, 2013|
|TIPs Bulletin #13-52||The Homeowners Counseling List is Now Available on the CFPB Website|
|TIPs Bulletin #13-51||Reg Z and Reg M Exemption Threshold Adjustments|
|November 19, 2013|
|TIPs Bulletin #13-50||Liquidity and Contingency Funding Plans|
|November 15, 2013|
|TIPs Bulletin #13-49||Federal Credit Union Ownership of Fixed Assets|
Shared Compliance Services
CURoots offers a variety of services to help you keep pace with ever-changing regulatory compliance while you focus on day-to-day credit union business.
Internal Audit Services
CURoots can help your credit union identify potential issues, assess risk, and save valuable time and resources by providing expert assistance for your auditing needs.
Credit unions had urged an eight-month delay from the original Feb. 7 effective date, which the CFPB granted.
Under the final rule, remittance transfer providers are required to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, certain fees and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.
The final rule:
The agency did not revisit the 100 transfers-per-year exemption threshold.
Remittance rule revisions addressing fees and foreign tax disclosures and how financial institutions will cope with account or routing number errors were also released.
Click here to view the CFPB's official announcement and other resources/information.
Credit Insurance Rule Delay Proposal
Additionally, the bureau has issued a proposal seeking comment on whether to delay the June 1 effective date with regard to a provision concerning credit insurance. The bureau says it will be addressing some interpretive issues that have arisen about the provision.
The proposal concerns the implementation of a prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. This provision was adopted in the Loan Originator Compensation Requirements under the Truth in Lending Act (Regulation Z) Final Rule, issued on Jan. 20.
Click here to view the proposal.
The bureau welcomes comment during the 15-day period following publication of the proposal in the Federal Register. This proposal follows two that the bureau issued last month to clarify and correct some aspects of the 2013 Escrows Final Rule, the Ability-to-Repay and Qualified Mortgage Rule and the Mortgage Servicing Rules.
RENEW YOUR CU's NMLS RECORDS
updated 12/09/13 04:52 PM
Dec. 31 Deadline Approaching
Credit unions subject to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) are encouraged to renew their Nationwide Mortgage Licensing System (NMLS) records.
LEAGUES POST NEW 'TIPs' BULLETINS
updated 12/02/13 01:34 PM
Also, NCUA Resources for CUs
New TIPs Bulletins (Technical Information and Procedures) have been posted regarding a new homeowner's counseling list, Regulations Z and M exemption threshold adjustments, and liquidity and contingency funding plans.