Links in “Proposals, Requests, & Comments”

The credit union trade associations are gearing up for a last ditch effort to push credit union bills through the Senate that have already passed the House. These include a bill to require annual privacy notices only if there has been a change and a bill to provide access to the Federal Home Loan Bank system for privately insured credit unions. [11/6/14]

While CUNA is pleased that NCUA has decided to remove interest rate risk considerations from the proposed risk-based capital rule, it is concerned about NCUA issuing a separate IRR rule. CUNA CEO Jim Nussle stated that the agency already has rules on the books to address IRR and that another regulation is not necessary. [11/5/14]

NCUA has confirmed that it will be eliminating interest rate risk considerations from the soon-to-be released and revised risk-based capital proposal. A separate rule addressing interest rate risk is expected to be issued in the first half of 2015. [11/4/14]

NAFCU supports NACHA’s proposed rule changes that will eliminate the 15-day notification period required for RDFI’s to re-credit consumer accounts for unauthorized debt entries and will require consumer disclosures for entities providing cards to consumers to initiate ACH point of sale entries. [10/3/14]

Several officials at NCUA have commented that the agency is considering removing the consideration of interest rate risk from the risk weights assigned under the proposed risk-based capital rule and issuing a separate IRR rule. This response is based on the deluge of adverse comments from the industry regarding NCUA’s focus on IRR in the RBC proposed rule. [10/31/14]

CUNA "urges the CFPB to use a surgeon's precision in meeting Dodd-Frank Act requirements to change HMDA—and go no further than the act mandates," because they fear that the new HMDA rules are simply added weight onto the already burdened shoulders of credit union compliance staff. [10/30/14]

If a lender makes a loan to a borrower, but ends up having to discharge the debt due to the borrower's bankruptcy or other qualifying trigger, then as far as the IRS is concerned, the discharged amount wasn't free money to the borrower —it's considered taxable income. How and when that discharged amount gets communicated to the borrower as well as the IRS can be a little complicated. AffirmX's Jane Pannier gives us the scoop on what is causing the confusion and how the IRS proposes to clear matters up. [10/28/14]

A proposal to amend flood insurance rules was made by five federal agencies. The proposed amendments focus on escrow requirements. A 60-day comment period will be allowed once the rule is published in the Federal Register. [10/27/14]

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]

The CFPB blog promotes its efforts to promote consumer finance protection services to the potential 24 million in the US that are self-identified as non-proficient English speaking. [10/24/14]