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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.
FINCEN ISSUES CDD FAQs
updated 07/25/16 10:52 AM
Plus, HMDA Resources Published
The Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions to help financial institutions, including credit unions, understand the scope of the new Customer Due Diligence (CDD) Requirements that were published in May. The CDD rules became effective on July 11, 2016 with compliance required by May 11, 2018.
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.