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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The guidance encourages financial institutions to effectively communicate with borrowers about the pending reset, and provides broad principles for managing risk as HELOCs reach their end-of-draw periods.
Other regulators jointly issuing this guidance include the Office of Comptroller of the Currency (OCC), Federal Reserve Board of Governors (FRB), and Federal Deposit Insurance Corp. (FDIC). To view the seven-page document, click here.
Additionally, NCUA Board Chairman Debbie Matz has issued Letter to Credit Unions (14-CU-08), encouraging credit unions to review the interagency guidance to ensure their practices align with NCUA’s risk management expectations.
State Controller’s Newsletter
The California State Controller’s Office has published its summer newsletter, which includes a reminder on the change to the threshold for aggregate reporting from $50 to $25, effective July 1, 2014.
For more information and clarification on this change, credit unions can review the California and Nevada Credit Union Leagues’ TIPs Bulletin 13-45 (October 2013).
The state controller’s newsletter also includes information and examples on properly reporting safe-deposit boxes, holders’ claims for reimbursement, and owner reunification efforts.
CONFERENCE CALL: CHANGES TO REG Z
updated 05/23/16 03:02 PM
OT Rules, Deposit Recon. Practices
Credit union professionals can join a conference call briefing on May 25 by the Consumer Financial Protection Bureau (CFPB) regarding changes to Regulation Z implementing the Helping Expand Lending Practices in Rural Communities Act (HELP Rural Communities Act) contained in the Fixing America’s Surface Transportation Act (Public Law 114-94).
FINCEN PUBLISHES FINAL CDD RULES
updated 05/17/16 08:02 AM
TILA-RESPA Citations Resources
The Financial Crimes Enforcement Network (FinCEN) has issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and credit unions, brokers or dealers in securities, mutual funds, and futures commission merchants.