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.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented compliance professional will get back to you quickly! Or if you prefer, call the PolicyWorks compliance hotline to speak directly with our knowledgeable consultants.
Compliance Hotline: (844) 731-6072
Continue for Ask PolicyWorks
TIPs Bulletin 14-07 reviews the National Credit Union Administration’s (NCUA) new derivatives rule, which permits federally chartered credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. However, the rule includes a provision affecting federally insured credit unions, as well as a provision impacting the responsibilities of supervisory committee auditing.
TIPs Bulletin 14-06 highlights the NCUA’s final rule amendment to clarify that federal credit unions are authorized to create and fund a charitable donation account—a hybrid charitable and investment vehicle—as an activity incidental to the business for which the credit union is chartered, provided the account is primarily charitable in nature and meets other regulatory conditions to ensure safety and soundness. The final rule amends parts 703 and 721 of the NCUA Rules and Regulations.
InfoSight Checklists: A Useful Tool
As a reminder, InfoSight contains all kinds of checklists (see below) that are beneficial to credit unions. If you aren’t signed up for InfoSight or haven’t visited this useful resource in a while, log in sometime soon!
If you’re not subscribed to InfoSight, click here to request access (for California credit unions). Nevada credit unions can click here. (InfoSight is a League-member benefit, so League membership is required)
CFPB Issues Consumer Publications
The Consumer Financial Protection Bureau (CFPB) recently announced the availability of three revised consumer publications, including an information brochure and two booklets required under the Real Estate Settlement Procedures Act (RESPA) or the Truth in Lending Act (TILA):
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.