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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|July 16, 2014|
|TIPs Bulletin #14-14||Canada’s Anti-SPAM Legislation (CASL) and Its Impact to U.S. Credit Unions|
|June 30, 2014|
|TIPs Bulletin #14-13||Voluntary Liquidation|
|TIPs Bulletin #14-12||Annual Indexing of HUD’s Basic Statutory Mortgage Limits for Multi-Family Housing Programs|
|June 10, 2014|
|TIPs Bulletin #14-11||Interim Rule - Exchange of Mutilated Paper Currency|
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The SAFE Act requires residential mortgage loan originators who are employees of agency-regulated institutions to be registered with the NMLS Registry. The law generally prohibits employees of agency-regulated institutions from originating residential mortgage loans unless they register with the registry.
All institutions managing registered mortgage loan originators (MLOs) are required to renew their NMLS records each year. Registrations not renewed before year-end must be reactivated in order to be in an active status on the NMLS system.
The NMLS Annual Renewal Period begins Nov. 1 and ends Dec. 31 each year. According to federal regulations, both institutions and most individual MLOs must be renewed through NMLS annually.
If the renewal process is not completed prior to Dec. 31st, the MLO will have an "inactive" registration status both in NMLS and on NMLS Consumer Access. Inactive registrations must be reactivated in order to have an "active" registration status.
TIPs, FinCEN PUB, HANDBOOK UPDATE
updated 07/21/14 12:44 PM
The Latest in Compliance
A new TIPs Bulletins (Technical Information and Procedures) has been posted by the California and Nevada Credit Union Leagues on Canada’s anti-SPAM legislation, which went into effect July 1 and is similar to the U.S. government’s CAN-SPAM Act of 2003.
CFPB ISSUES INTERPRETIVE RULING
updated 07/14/14 03:48 PM
'Ability to Repay' Discussed
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the bureau’s Ability-to-Repay Rule.