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.
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TIPs Bulletin 13-50 gives a glimpse into the National Credit Union Administration (NCUA) board's issuance of a final rule amending Part 741 of the NCUA Rules and Regulations. The final rule sets varying requirements for liquidity and contingency funding management for credit unions under $50 million in assets, between $50 - $249 million, and more than $250 million.
TIPs Bulletin 13-51 spotlights the Federal Reserve Board (FRB) and Consumer Financial Protection Bureau's (CFPB) recent announcement of increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions—effective Jan. 1, 2014.
TIPs Bulletin 13-52 looks at the CFPB's 2013 final rule on the Home Ownership and Equity Protection Act (HOEPA), which implemented a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act that consumers receive a list of homeownership counseling organizations after they apply for a mortgage so they know where to get help when deciding what loan is best for them. The CFPB has launched a tool to help consumer’s find local housing counseling agencies to answer their questions or address their concerns.
NCUA Resources for Credit Unions
Credit unions are encouraged to access the following recently issued information and resources from the NCUA:
Resources for Complying With CFPB Mortgage Rules
The Credit Union National Association's (CUNA) Compliance Resources webpage offers a one-stop shop for assisting credit unions in complying with the CFPB's new mortgage lending regulations. A summary of what each of the CFPB's new mortgage regulations address, and which types of mortgage loans are covered by these regulations, is available on this site.
FINCEN ISSUES CDD FAQs
updated 07/25/16 10:52 AM
Plus, HMDA Resources Published
The Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions to help financial institutions, including credit unions, understand the scope of the new Customer Due Diligence (CDD) Requirements that were published in May. The CDD rules became effective on July 11, 2016 with compliance required by May 11, 2018.
CFPB PAYDAY LOANS WEBINAR
updated 07/18/16 02:40 PM
And, CUNA/League Compliance Tools
The Consumer Financial Protection Bureau (CFPB) is hosting a webinar on the recent Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans on July 26.