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PCUA regulator banks agree on apps procedures
HARRISBURG, Pa. (1/29/08)--The Pennsylvania Credit Union Association (PCUA), the state's Department of Banking, and state banking trade associations have negotiated language for an amendment that would address administrative procedures during the applications process for credit unions and banks. "Pennsylvania law has always had a 'notice and comment' process on applications and other laundry list type items" where credit unions and banks can comment during the other's applications process, said Rick Wargo, PCUA executive vice president and general counsel. During recent field of membership litigation involving the three parties, however, the parties disagreed over procedures about what proprietary documents could be made available, Wargo said. The amendment, which has not been finalized yet, would be in one of four bills designated under the state regulator's mortgage reform package. The state regulator had opened up its administrative code to solidify its powers against licensed lenders to make it easier for licensed lenders to become part of a national database. Since Thanksgiving of 2007, PCUA, the regulator and the banking trade groups have been negotiating the language so that the final amendment would be fair to all parties while still protecting proprietary information, Wargo told News Now. "The banks had wanted to beef up the notice and comment procedure and codify the scenarios where, if a party submits information to the department, the department would designate proprietary information as confidential. It also would codify procedures to request confidential documents," Wargo said. Before, it was left to the state's regulator's discretion. Late last week, PCUA, the regulator and the banking trade groups came to an agreement on possible language for the amendment. They will have informal meetings with the chair of the Senate Banking Committee to move the amendment. The mortgage reform package, Senate Bill 484, was introduced in March 2007.


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