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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):
CFPB PAYDAY LOANS WEBINAR
updated 07/18/16 02:40 PM
And, CUNA/League Compliance Tools
The Consumer Financial Protection Bureau (CFPB) is hosting a webinar on the recent Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans on July 26.
LOANLINER CONSUMER LENDING DOCUMENTS
updated 07/12/16 07:44 AM
And, State Controller Newsletter
CUNA Mutual Group has expanded the LOANLINER consumer lending document portfolio to include MLA-compliant versions of the lending documents that may be used for loans covered by the MLA final rule.