Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
N.C. mortgage loan bill with CU provision clears committee
GREENSBORO, N.C. (5/5/09)--A mortgage loan bill has cleared the North Carolina Committee on Financial Institutions with a key change that will benefit credit unions, the North Carolina Credit Union League announced Friday. The bill--the Secure and Fair Enforcement Mortgage Licensing (SAFE) Act--aims to reduce mortgage fraud. The bill’s original language did not include credit unions. “In reviewing the original bill, it was clear to our legal counsel that credit unions would have reported to the North Carolina Commissioner of Banks to comply with the SAFE Act,” said Dan Schline, North Carolina league senior vice president of association services. With the change, credit unions can report to their regulator regulator, the State Credit Union Division, instead of the State Banking Commission. A federal statute mandates that each state have a law such as the SAFE Act on the books by July 31. The bill now moves to the State Finance Committee.


RSS print
News Now LiveWire
Matz notes: OIG and GAO say @TheNCUA needs effective RBC system: We are going forward with RBC but will address issues you all identified.
2 minutes ago
.@TheNCUA Fazio:No way 2 make a RBC system as precise as CUs indicate.RBC is not about expected losses but the unexpected. #listeningsession
4 minutes ago
Chr Matz says @TheNCUA anticipates more info being collected on call reports;says will reevaluate mortgages/CUSO risk wts. #listeningsession
7 minutes ago
After discussions,first CU table: Call reports need to reflect loan terms so different terms can have different risk wts. #listeningsession
10 minutes ago
RT @IllinoisLeague: Attendees of @TheNCUA Chgo #listeningsession take time to figure out key questions to be asked by each table. #fixRBC h…
22 minutes ago