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 13-55 looks at the Federal Financial Institution Examination Council’s (FFIEC) final guidance on the applicability of consumer protection and compliance laws, regulations, and policies on activities conducted via social media by banks, savings associations, and credit unions, as well as non-bank entities that are supervised by the Consumer Financial Protection Bureau (CFPB).
TIPs Bulletin 13-56 reviews a final rule issued jointly by federal financial regulators that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. These exemptions are intended to save borrowers time and money while still ensuring the loans are financially sound.
TIPs Bulletin 13-57 examines the National Credit Union Administration’s (NCUA) final rule to amend its credit union service organization (CUSO) regulation that the agency says will increase transparency and address certain safety and soundness concerns.
TIPs Bulletin 13-58 analyzes the Housing and Urban Development agency’s (HUD) new qualified mortgage rule and definition, which supersede the CFPB’s rule with respect to loans insured, guaranteed, or administered by HUD.
TIPs Bulletin 13-59 delves into the Home Ownership and Equity Protection Act’s “fee trigger” being changed to $1,000, which will be adjusted annually thereafter.
Both reports give a key snapshot of the national economy, key performance data and ratios on California and Nevada credit unions, and national-versus-state comparisons.
For Your Board Packets and ALM Meetings
Credit unions are encouraged to access the valuable economic and credit union data the California and Nevada Credit Union Leagues offer to supplement board meeting packets and asset/liability management meetings.
The following materials are posted every month by Leagues Chief Economist Dwight Johnston: Monthly Commentary, Current Interest Rate Forecast, and Economic Data.
MLA DATABASE FEB. 15 DEADLINE
updated 02/09/16 08:00 AM
Plus, CUSO Registry Webinar
Credit unions seeking a safe harbor under the Department of Defense’s (DoD) Military Lending Act (MLA) final rule will have two new options come Oct. 3, 2016: 1) A credit union may verify a borrower’s status on the DoD’s database, or 2) a credit union may use a consumer report obtained from a nationwide consumer reporting agency to determine whether a borrower is a “covered borrower.” Credit unions interested in utilizing the first option have until Feb. 15, 2016 to notify the Defense Manpower Data Center (DMDC) of their intent. This may be done by emailing the MLA helpdesk at firstname.lastname@example.org.
CA PRIVACY NOTICES STILL REQUIRED
updated 02/02/16 08:35 AM
Plus, Latest PolicyWorks Newsletter
The FAST Act made changes to federal annual privacy notice requirements. However, it did not change California privacy notification requirements, which are applicable to all financial institutions doing business in California. California state annual privacy notifications are still required, depending on what information is shared and with whom.