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News (CompliancePro Blog)

There's Much to Know About New IOLTA Rule

From CUNA's News Now
January 6, 2016

WASHINGTON (1/6/16)--With share insurance coverage extended to interest on lawyers trust accounts (IOLTAs) and other similar escrow accounts starting Jan. 27, credit unions need to know their compliance requirements, as well as what accounts are covered. The U.S. Congress... More

FTC Rule on Telemarketing Sales Effective Feb.12

Final amendments to the Federal Trade Commission's (FTC) Telemarketing Sales Rule (TSR) were published Monday in the Federal Register. They go into effect, for the most part, Feb. 12.

The TSR does not apply to federal credit unions. However, it does apply to state-chartered credit unions and third-party... More

Compliance: Expanded MLA Coverage Could Be Troublesome for CUs

WASHINGTON (12/14/15)--Expansion of the Military Lending Act (MLA) to cover a number of open- and closed-end loans may pose serious problems to credit unions that serve a large number of military members, according to CUNA’s compliance staff.

The Department of Defense (DOD) finalized its changes to... More

DOL Plans July 2016 Release of Final 'White Collar' Overtime Rule

Annual Salary Threshold Raised to $50,440

By Tom BagbyWoods Rogers PLC / Labor and Employment Practice Group
According to the semiannual regulatory agenda published on November 19, 2015, the U.S. Department of Labor (DOL) now plans to release its final rule on overtime pay in July 2016.
The proposed... More

Compliance: 2016 Filing Deadlines for IRS Forms

(From CUNA's News Now, Dec. 7)

WASHINGTON (12/7/15)--The Internal Revenue Service (IRS) made a number of changes over the course of 2015 that will take effect in 2016. CUNA’s CompBloghas details about each of those forms, posted over the past week.

The changes will affect credit unions that file Form... More

New Flood Escrow Requirements Start Jan. 1

Source: news.cuna.org/articles/108575-compliance-new-flood-escrow-requirements-start-jan-1

WASHINGTON (11/30/15)--Amendments to escrow provisions of the Homeowner Flood Insurance Affordability Act will take effect Jan. 1, 2016. The National Credit Union Administration, along with the other agencies,... More

CFPB Finalizes Oct 3 2015 extension for TILA-RESPA Integrated Disclosures rule.

Made official yesterday (July 21, 2015), The Consumer Financial Protection Bureau (CFPB) moved the implementation date of the TILA-RESPA Integrated Disclosure Rule to October 3 2015. 

In addition the CFPB added technical corrections to conform to the new effective date of the rule.

The CFPB has, again,... More

Compliance Q & A – Disclosure of SAFE Act ID numbers

Q.  My credit union makes mortgage loans.  We have registered the CU and all of its mortgage loan originators (MLOs) with the Nationwide Mortgage Licensing System & Registry, and have obtained an NMLS ID number for the CU and separate NMLS IDs for our MLOs.  We are confused, however,... More

From the Woods Rogers team: Good News for Holders of Second Mortgages

 

Wood Rogers Logo

Supreme Court Rejects Chapter 7 Debtors' Ability to Void Underwater Second Deeds of Trust

Decision means lenders may recover more on... More

Compliance Q & A – Providing credit reports to members

Q.     If a credit union obtains a member’s credit report in connection with setting up an account or underwriting a loan, is it permissible for the credit union, as a routine practice, to provide the member with a copy of the credit report?

A.   

Short Answer - Probably... More

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