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Research & Compliance     

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Compliance

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When technical challenges or complex situations arise at your credit union, turn to the Leagues’ PolicyWorks. Our mission is to provide technical, compliance, operational, economic, and regulatory information in an understandable and easily accessible way.
     
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From the Editors of CU Weekly

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.

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.

Click here for more information and instructions.

 
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INFOSIGHT RECENT UPDATES
updated 06/28/16 07:49 AM
Plus, CFPB Supervisory Highlights
InfoSight, a benefit of your League membership, provides instant access to compliance information, including easy-to-read compliance summaries, FAQs, checklists, and links to laws and regulations. Some recent updates are highlighted below:

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LATEST POLICYWORKS NEWSLETTER
updated 06/21/16 08:04 AM
CFPB Adjusts Annual Thresholds
The latest PolicyWorks Newsletter is now available. Please check your email, or click here to access the PolicyWorks newsletter using your email address and League members-only password.

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