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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.
NEW SPANISH TILA-RESPA TOOLKIT
updated 07/28/15 09:18 AM
Plus, Unclaimed Property Seminar
The Consumer Financial Protection Bureau (CFPB) has released a Spanish edition of “Your Home Loan Toolkit,” the consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect on Oct. 3.
POLICYWORKS LEAGUE COMPLIANCE SITE
updated 07/21/15 08:59 AM
League Member-Exclusive Content
The PolicyWorks League members’ only website provides member credit unions with ongoing compliance support as benefit of League membership. The website houses a library of compliance information and communications to assist credit unions with their compliance needs.