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
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
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
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
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
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
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.
The League’s compliance department occasionally receives calls about payday lenders and certain other businesses continually resubmitting ACH debit entries that the credit union has previously returned unpaid. NACHA recently released an ACH operations bulletin (which you can find here) reminding... More
WASHINGTON (UPDATED: 8/28/13, 11:40 A.M. ET)--Another round of proposed credit risk retention regulations, including a new definition of "qualified residential mortgage" (QRM) with modifications that the Credit Union National Association had urged, was released by the Federal Reserve, Federal... More