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The Federal Credit Union Act sets a 15 percent interest rate ceiling for federal credit unions but allows the NCUA Board to set a higher rate of interest for 18-month periods based on prevailing financial conditions.
If NCUA had not acted, the ceiling would have reverted to 15 percent, as required by the act, on March 11, 2014. Under the act, the NCUA Board is authorized to raise the ceiling to 21 percent.
However, increases of more than 15 percent may only occur if money market interest rates have risen in the past six months and disintermediation threatens the credit union system.
CHANGES TO IRS FORM 1098
updated 05/03/16 07:30 AM
SCRA Foreclosure Protection Extended
The Internal Revenue Service (IRS) has clarified changes to Form 1098—the Mortgage Interest Reporting form—as a result of the Surface Transportation Act signed into law last July. Beginning next year:
UNCLAIMED PROPERTY HANDBOOK
updated 04/26/16 07:15 AM
Plus, Title XIV Mortgage Updates
California State Controller's Office has issued an updated Unclaimed Property Holder Handbook with changes to reflect: