Links in “NAFCU”

With the TILA/RESPA integrated disclosure rule going into effect this weekend, NAFCU’s blog tackles a particularly murky aspect of the new disclosures that is raising lots of questions. This issue is what are “lender credits” and why are they disclosed differently on the loan estimate disclosure versus the closing disclosure. [10/1/15]

NAFCU has requested a federal appeals court to permit it to join an action against the FCC’s order under the Telephone Consumer Protection Act that generally prohibits financial institutions from autodialing their account holders. At issue is that the narrow exemption that permits certain autodialed calls to address fraud and identity theft is not broad enough to allow credit unions to communicate with their members when they need to share important information. [9/28/15]

Both CUNA and NAFCU are urging NCUA to make use of the FFIEC’s new cybersecurity assessment tool voluntary. While the FFIEC estimated that it should only take financial institutions about 80 hours to complete the assessment, both trades say the it will likely take credit unions hundreds of hours to complete the 55-page assessment. NCUA is expected to address the issue in a soon-to-be released Letter to Credit Unions. [9/21/15]

A NAFCU blog post discusses the Federal Reserve's newly presented framework for managing product risk in their 7th Anniversary Issue of the Consumer Compliance Outlook. [9/10/15]

The CFPB's consumer complaint database has practical implications that undermine the complaint resolution process. NAFCU calls on the CFPB to fix it. [8/31/15]

The NCUA took less than 48 hours to shoot down the NAFCU’s recommendation that exam schedules be extended to 18 months for low risk, federally insured credit unions in order to reduce costs. NCUA officials claim that one of the lessons they learned from the financial crisis was the importance of early detection of problems. [8/21/15]

In a letter to NCUA, NAFCU President/CEO Dan Berger is urging a return to the 18-month examination cycle. Berger notes that NCUA’s $6.39 million budget allocation for employee airfare and rental cars could be significantly reduced by extending the exam cycle without sacrificing safety and soundness. [8/19/15]

The NAFCU is urging the NCUA to allow credit unions to submit anonymous self-assessments under the voluntary joint policy statement on diversity standards. The NAFCU noted that the voluntary self-assessments are currently accessible to the public through the Freedom of Information Act, which could adversely affect participation. [8/11/15]

The NAFCU will monitor today's mark-up by the Senate Finance Committee of a package of business and individual tax provisions know as "tax extenders." Two of these extenders would benefit credit union members with mortgages, allowing them to exclude forgiven mortgage debt from their income. [7/21/15]

The CFPB is unwilling to exercise exemptions to credit unions, and credit unions are feeling that burden. Now CUNA and NAFCU have come together in letters to Congress saying that it is time to force the CFPB to enact such exemptions. And it looks like Congress is listening. [7/20/15]