Links in “Credit Unions”

The NCUA Board adopted a proposed rule that addresses changes to escrow account payments for flood insurance premiums and establishes a new exception for non-residential structures that are part of residential property, but not attached to the primary residence. A second proposed rule addresses technical corrections and changes to the Corporate Credit Union Rule. [10/24/14]

NCUA CFO Mary Ann Woodson reported at yesterday’s Board meeting that 94% of the $30.4 million in losses to the NCUSIF this year resulted from fraud at 12 credit unions. The Board also announced that there will be no share insurance premium assessed for 2014. [10/24/14]

NAFCU President/CEO Dan Berger, NAFCU Vice President of Legislative Affairs Brad Thaler, and new CUNA President/CEO Jim Nussle all were named to The Hill newspaper’s list of the top lobbyists for 2014.  [10/23/14]

Yes, the CFPB has issued a final rule that permits credit unions to post their annual privacy notices on their website instead of mailing them directly to their members. However, you need to be aware that there are conditions that must be met before you can take advantage of this option. [10/23/14]

Only two of the credit unions were repeat late filers and overall the number of late filers dropped by 30% from the first quarter.  Still, the majority of the late filers were small credit unions and NCUA is urging small credit unions to seek assistance from the Office of Small Credit Union Initiatives if they are having difficulty with timely submissions. [10/23/14]

Federal regulators have approved a final rule that will require investment banks to hold at least 5% of a mortgage loan’s risk on their books when securitizing loans unless the loan meets the definition of a qualified residential mortgage (QRM). In accordance with recommendations from the credit union industry and others, the definition of a QRM has been more closely aligned with the definition of a qualified mortgage (QM). The regulators further agreed to review the QRM standard in four years. [10/22/14]

Federal Housing Finance Agency Mel Watt announced that mortgages lenders will soon be provided with more certainty regarding covering losses on loans sold to Fannie Mae and Freddie Mac. According to Mary Dunn, Deputy General Counsel at CUNA, the changes could mitigate some concerns that credit unions have about the need for flexibility in their mortgage lending practices. [10/22/14]

Staples has announced that it’s investigating a possible data breach involving credit cards at some of its stores. Although Staples has 1,800 stores nationwide, it appears that the breach may be limited to 11 stores in Pennsylvania, New York and New Jersey. [10/22/14]

Like any trend, it sometimes seems like the focus on certain regulations comes and goes. In a world that increasingly relies on electronic devices, the Electronic Signatures in Global and National Commerce Act (which was implemented in 2000) seems to suddenly be in vogue. We’ve reviewed many institutions for E-SIGN compliance and have put together an outline of three common issues and our recommended solutions. [10/21/14]

The Best Companies Group has published its inaugural list of the thirty best credit unions to work for. 25% of the score for the credit unions that requested consideration was based on benefits, policies, and HR practices, while 75% of the score was based on a confidential employee survey. [10/21/14]