A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented R&I professional will get back to you quickly! Or if you prefer, call the R&I Hotline to speak directly with our knowledgeable consultants. R&I Hotline: 877-243-5728
Continue for Ask R&I
|March 25, 2015|
|TIPs Bulletin #15-06||Foreign Language Translation Forms Revisions|
|TIPs Bulletin #15-05||NCUA Issues Warning to Consumers about “National Credit Union” Phishing Scam|
|January 28, 2015|
|TIPs Bulletin #15-04||2014 Residential Mortgage Loan Report|
|TIPs Bulletin #15-03||HMDA/LAR Reports|
|January 16, 2015|
|TIPs Bulletin #15-02||2015 Information Returns and Disclosures|
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.
InfoSight is an online compliance resource containing information on a wide range of topics, including the numerous laws and regulations that affect a credit union's business affairs. A link to InfoSight can be found on every Tuesday's edition of CU Weekly in the bottom right-hand corner.
Each topic contains easy-to-read compliance summaries, checklists, direct links to laws and regulations, and links to additional important resources. Credit unions are encouraged to visit the site often, as the number of topics and information posted will be updated and expanded over time. Visit InfoSight today!
CFPB: Who Pays for Remittance Transfer Mistake?
This week's InfoSight Weekly Newsletter highlights the following article:
The Consumer Financial Protection Bureau (CFPB) wants to make it perfectly clear that under its new remittance rule a remittance provider will not have to pay if an error occurs in a transaction due to incorrect or insufficient information provided by remittance requester.
The bureau has issued a "clarificatory amendment and technical correction" spelling out that its rule allows remittance providers to deduct fees and taxes related to the unsuccessful remittance transfer attempt from the total amount of funds that were provided by the sender for the transfer.
The fees and taxes would be taken from any money refunded to or re-sent by the remittance requester. The bureau in recent days also released an updated version of its small business guide for the remittance rule, and produced a video with even more information on the rule.
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 rule has a scheduled effective date of Oct. 28.
1Q CU PERFORMANCE REPORTS AVAILABLE
updated 06/30/15 08:42 AM
Plus, Compliance Hotline
The first-quarter 2015 Credit Union Quarterly Performance Reports for California and Nevada are now available from the California and Nevada Credit Union Leagues.
NCUA: FLOOD INSURANCE RULE
updated 06/23/15 10:12 AM
Also, Overdrafts Still Regulatory Priority
Five federal regulatory agencies including the National Credit Union Administration (NCUA), have approved a final rule that modifies the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). The final rule applies to loans secured by properties located in special flood hazard areas and implements provisions related to the escrowing of flood insurance payments and the exemption of some detached structures from the mandatory flood insurance purchase requirement. The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act) relating to the force placement of flood insurance.