July’s Legislative Recap has been uploaded here. Let us know if you have questions.
June’s recap is available at: https://complianceservicesgroup.com/wp-content/uploads/2017/07/LEGISLATIVE-UPDATE-June-2017.docx. Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the credit unions. For further details on any blog … Read More
Earlier this month, the banking brotherhood, including the NCUA, released an Interagency Advisory or the Availability of Appraisers. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) requires NCUA to establish appraisal standards for all federally related transactions. Part 722 of NCUA’s regulations provides these standards. Generally, the rules require the appraisal to be performed by a … Read More
ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate. The rate is adjusted semi-annually, and calculated on May 15 and November 15, and covers the following six-month period. The discount rate is calculated by the most … Read More
Washington State passed Substitute Senate Bill 5081, dealing with notarial acts. The bill adopts (mostly) the Revised Uniform Law on Notarial Acts (RULONA). Included in the bill is a provision for electronic notaries. The effective date of the changes is July 1, 2018. A few a areas of the Bill that may impact credit union operations: Sections 15 & 21 … Read More
April’s legislative recap is now available. Please let us know if you have any questions.
From NAFCU (http://www.nafcu.org/News/2017_News/April/NAFCU-sponsored_CECL_study_gives_CUs_guidance/?utm_source=NAFCU+Today&utm_medium=Email&utm_campaign=daily+news&_zs=n9tFa1&_zl=tvNn3) A newly released, NAFCU-sponsored study outlines some of the key qualities and trade-offs for a variety of models for implementation of the Financial Accounting Standards Board’s current expected credit loss accounting standard, which starts taking effect for credit unions in fiscal years beginning after Dec. 15, 2020. Accessing the study requires you to provide your contact information, … Read More
The Bureau has released its fifth Fair Lending Report. The CFBP reports that, during 2016: To protect consumers and better understand issues facing lenders, the Bureau engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into our work The CFPB protected consumers by working with other … Read More
On April 13, the CFPB issued proposed amendments to the HMDA (Regulation C) Rule. The CFPB describes the changes as being non-substantive in nature, and notes that the proposal is meant to provide “clarifications, technical corrections, or minor changes.” Included in the proposal are revised definitions along with related commentary: Automated Underwriting System: The proposal would clarify that a system … Read More
The OCC has issued Bulletin 2017-15 to introduce a new “Retail Lending” booklet for the Comptroller’s Handbook. This new booklet, part of the “Safety and Soundness” category of the Handbook, discusses the risks associated with retail lending and provides a framework for evaluating retail credit risk management activities. This booklet supplements the core assessment sections of the “Large Bank Supervision,” … Read More
