DCU Bulletin B-16-16 Practice of Using Power of Attorney for Vehicle Loans

On September 28, the DCU released Bulletin B-16-16 regarding the use of Power of Attorneys for vehicle loans.  The DOL will now require a separate power of attorney to be signed by the member, not an employee of the credit union, using general power of attorney language contained within consumer loan agreements. Practice of Using Power of Attorney for Vehicle … Read More

Redesigned Uniform Residential Loan Application – UPDATED

The Federal Housing Finance Agency (FHFA) issued a notice regarding publication of the redesigned Uniform Residential Loan Application (URLA) form. According to the FHFA, “although final implementation of the new loan application is still more than a year away, and the application must still undergo “safe-harbor” review by the Consumer Financial Protection Bureau, we anticipate that publication of the redesigned … Read More

DCU Bulletin B-16-14 Electronic Payment Systems Exams

The Division of Credit Union (Division) announced that it is enhancing its safety and soundness examinations to include Electronic Payment System (EPS) reviews. EPS exams will be performed by Division examiners beginning in 2017. The Division will perform one or two pilot test payment system exams at credit unions in the fourth quarter of 2016 before implementing its new EPS … Read More

FFIEC Revised Information Security Booklet

The Federal Financial Institutions Examination Council (FFIEC) has revised the “Information Security” booklet of the FFIEC Information Technology Examination Handbook (IT Handbook). The “Information Security” booklet is one of 11 that make up the IT Handbook. The revised “Information Security” booklet provides guidance to examiners and addresses factors necessary to assess the level of security risks to a financial institution’s information systems. … Read More

Voluntary Diversity and Inclusion Policies and Practices Checklist (16-CU-05)

The NCUA issued a Letter to Credit Unions (16-CU-05) regarding voluntary diversity and inclusion polices.  If you remember, back in June 2015, the banking brotherhood (NCUA, FDIC, ect.) issued final standards for voluntary assessment of diversity policies and practices in regulated entities.  We blogged about it on our SharePoint site and it is reprinted below. The diversity policies and practices is … Read More