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|March 25, 2015|
|TIPs Bulletin #15-06||Foreign Language Translation Forms Revisions|
|TIPs Bulletin #15-05||NCUA Issues Warning to Consumers about “National Credit Union” Phishing Scam|
|January 28, 2015|
|TIPs Bulletin #15-04||2014 Residential Mortgage Loan Report|
|TIPs Bulletin #15-03||HMDA/LAR Reports|
|January 16, 2015|
|TIPs Bulletin #15-02||2015 Information Returns and Disclosures|
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DBO licensees included in the survey were sent an email notification to their DBO-designated emails, with additional details and information on how to access the survey.
The purpose of the survey is for DBO to maintain complete, accurate, and up-to-date information on licensees’ real estate loan portfolios to determine risks and assess the impacts of proposed regulatory or statutory changes at the federal and state levels. The survey collects 2013 data on residential mortgage loans secured by one to four unit family residential properties, including loans held in portfolio, loans held for sale, finalized foreclosures, completed short sales, modifications, and serviced loans.
Credit unions, banks, residential mortgage lenders, and finance lenders must complete the 2013 survey as a special report, pursuant to California Financial Code sections 455, 50307, and 22159.5.
For questions or more information, please email email@example.com.
Caution Urged Regarding Marijuana Businesses
New federal guidelines allow credit unions and others to provide financial services to marijuana dispensaries. However, this newfound leniency does not come without compliance burdens.
Colorado and Washington recently approved the legal sale of the drug from state-regulated dispensaries. The U.S. Treasury, Financial Crimes Enforcement Network (FinCEN), and U.S. Deputy Attorney General James Cole have all commented on the issues in recent weeks, telling financial institutions they may accept accounts from legal dispensaries.
However, the Credit Union National Association said in its CompBlog: “Until Congress changes the federal law so that marijuana-related businesses are no longer illegal at the federal level, credit unions may be taking a great risk providing financial services to these businesses.”
The compliance burdens could also be stifling for those deciding to take on dispensary accounts.
Financial institutions that work with these businesses should be aware of three new types of Suspicious Activity Reports ("Marijuana Limited" SAR, "Marijuana Priority" SAR, and "Marijuana Termination" SAR), as well as seven specific customer due diligence requirements, such as verifying with the state whether the business is duly licensed and registered.
Further, credit unions that work with dispensaries may need to determine whether or not marijuana from a given dispensary is:
"Not only does this compliance burden appear insurmountable, but also overreaching," CUNA said.
1Q CU PERFORMANCE REPORTS AVAILABLE
updated 06/30/15 08:42 AM
Plus, Compliance Hotline
The first-quarter 2015 Credit Union Quarterly Performance Reports for California and Nevada are now available from the California and Nevada Credit Union Leagues.
NCUA: FLOOD INSURANCE RULE
updated 06/23/15 10:12 AM
Also, Overdrafts Still Regulatory Priority
Five federal regulatory agencies including the National Credit Union Administration (NCUA), have approved a final rule that modifies the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). The final rule applies to loans secured by properties located in special flood hazard areas and implements provisions related to the escrowing of flood insurance payments and the exemption of some detached structures from the mandatory flood insurance purchase requirement. The final rule also implements provisions in the Biggert-Waters Flood Insurance Reform Act of 2012 (the Biggert-Waters Act) relating to the force placement of flood insurance.