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News (CompliancePro Blog)

The New Requirement to Provide a List of HUD-Approved Homeownership Counselors: (For Some) It'll Be as Simple as Pressing a Button.

As of January 10, 2014, Regulation X will require mortgage lenders to provide the borrower with a written list of local HUD-approved homeownership counseling organizations not later than 3 business days after receiving an application. This requirement will apply to nearly all mortgages, and as of the... More

The CFPB’s New List of “Safe Harbor” Countries under Reg. E

(We all needed something to yawn about.)

On November 5, 2013, the CFPB published a list of “safe harbor” countries for purposes of Regulation E’s new rules covering international remittance transfers.  The good news is that nothing has really changed, and you do not need to do anything new. ... More

CLF And Fed Discount Window Are Only Sources For Emergency Liquidity In New NCUA Rule

ALEXANDRIA, Va. (10/24/13, UPDATED: 11:05 A.M. ET)--A final rule addressing emergency liquidity and contingency funding plans for credit unions has just been approved at today's National Credit Union Administration open board meeting.
Under the final rule, credit unions with less than $50 million in... More

CFPB Unveils Additional Mortgage Guidance

Communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act are addressed in a new bulletin and interim final rule released by the Consumer... More

CFPB’S New Remittance Transfer Regulations Take Effect on October 28, 2013

All credit unions that initiate cross-border wires, ACHs, or other electronic transfers of funds (or allow their members to initiate such transactions through an online bill payment system) need to take a close look at the new “remittance transfer” regulations that CFPB has added to Regulation E.  ... More

NCUA Amends Its Loan Participation Rule and Expands the Rule's Coverage to All Federally Insured Credit Unions

The NCUA has long had a “loan participation” rule that specifies when a credit union can, through a loan participation agreement, purchase an interest in a loan that it did not originate.  The rule places limits not only on what type of originators a credit union can do business with, but also... More

Credit Reporting - The Creditor's Duty to Investigate Disputes (A Refresher Course)

Last week, the Consumer Financial Protection Bureau (CFPB) issued a bulletin (CFPB Bulletin 2013-09) intended to remind creditors what is expected of them when a consumer formally disputes something that the creditor has reported to the credit reporting agencies (CRAs).  The CFPB explains that,... More

New Mortgage Regulations - Deadline & Compliance Resources

We wanted to remind everyone that most of the CFPB’s new mortgage lending and mortgage servicing regulations go into effect in January 2014.  The time to prepare is now, and this post is intended to highlight some of the resources (both paid resources and free resources) that are available to... More

IRS Provides Update on Employee Benefits for Same-Sex Couples

In June, the Supreme Court invalidated a portion of the Defense of Marriage Act and provided favorable tax treatment for the estate of a same-sex spouse.  Like most litigation, the Court's decision raised as many questions as it answered. 

The IRS has now answered for taxpayers and employers... More

NCUA Hosting Webinars on Member Business Lending

The NCUA has announced two free webinars on business lending for small credit unions. One, titled “Strategy and Policy,” is Sept. 17th. Another, titled “Underwriting,” is Sept. 25th. To find out more and to register, visit the press release on NCUA's website.

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