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News (CompliancePro Blog)

Compliance Alert - Researching the Virginia Code online

Virginia currently maintains several different resources online that can be used to research the Virginia Code and the Virginia Administrative Code online.  Please be aware that, as of July 1, 2015, the only online version of the code that will continue to be updated to reflect changes in the law... More

The Department of Labor Issues New Model FMLA Forms

By Brooks Duncan, Victor Cardwell, and Tom Winn
Woods Rogers PLC 
Labor and Employment Practice Group

As you have heard us say many times before, the FMLA forms provided by the Department of Labor ("DOL") are your "go to" forms. Don't alter a "good" thing and, these... More

Matz Concerned Payday Rule Changes Threaten CUs' Affordable PALs

May 6, 2015

DUBLIN (5/6/15)--Proposed changes to payday lending rules could prevent credit unions from making affordable payday alternative loans (PALs), National Credit Union Administration Chair Debbie Matz... More

Pearce-Sherman Bill Would Limit Enforcement/Litigation under TILA-RESPA Disclosure Rule

FROM CUNA's News Now

Rep. Steve Pearce (R-N.M.), along with Rep. Brad Sherman (D-Calif.), introduced a bill last week that would provide a temporary delay in enforcement and a liability safe harbor period under the Consumer Financial Protection Bureau’s (CPFB) Truth in Lending Act-Real Estate Settlement... More

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

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