Links in “Credit Unions”
- NCUA Liquidates 2 Small CUs
Closure of small CUs in New Orleans and Ohio brings the total number of CU closures for 2013 to 11 (compared to 16 for banks). [7/3]
- Final List of Rural and Underserved Counties Issued
CFPB issues final list of rural and underserved counties that credit unions and other lenders can use beginning in 2014; several of the new mortgage rules have provisions that provide for exceptions or different treatment for creditors that primarily operate in these counties. Here's a link to find out whether this may apply to you. [7/3]
- New Census Data for HMDA Reporting Now Available
FFIEC releases 2013 Census data for use in connection with HMDA reporting; CUs need to ensure that they or their outside vendors are using this new census data for geocoding purposes. [7/2]
- NCUA Turns Spotlight on Fair Lending
Guidance on NCUA's new hot topic: Fair Lending examination program. [7/2]
- Mandatory Appraisals for HPMLs
Among the "onerous" regulatory requirements for Higher Priced Mortgage Loans: mandatory appraisals (rather than allowing your policy determine which ones can utilize a more cost-efficient evaluation). [7/2]
- PEF is 11th CU to Liquidate in 2013
Shares, Assets and Liabilities of Ohio FCU assumed by Best Reward CU. [7/2]
- A $2 Fee Can Move a Mountain
Despite a comprehensive marketing campaign, a $2 fee was what it finally took to convince members of Verify CU to change paper statements to electronic statements. [7/1]
- Bill Could Provide Relief for Federal Credit Unions
A new House bill, sponsored by Rep. Gary Miller, addresses among other issues: new investment authorities; capital requirements; and insurance coverage for trust accounts. [7/1]
- Breaking Flood Reform Rules into Manageable Waves
Recommendations for tackling the regulation in waves, with the highest priority/longest-lead time items sooner than later. [7/1]
- Bill Introduced to Provide Regulatory Relief for CUs
Among the bills 5 points are provisions that would allow NCUA to grant federal credit unions a waiver to follow a state rule instead of a federal one; authorize NCUA to step in to modify a CFPB rule affecting credit unions; and require that NCUA and CFPB revisit cost/benefit analyses of rules after three years so they have a true sense of the compliance costs for credit unions. [7/1]
