Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CompBlog Wrap-Up Preps CUs for Mortgage Reg Compliance
WASHINGTON (12/10/13)--As credit unions prepare to comply with pending Consumer Financial Protection Bureau mortgage regulations, the Credit Union National Association continues to answer key questions: CUNA staff addressed one credit union's concern about semi-monthly payments, and provided general details on changes to mortgage loan originator (MLO) regulations and disclosure changes in this month's  CompBlog Wrap-Up.
 
First, the credit union query: How can a credit union comply with the periodic statement requirements in the CFPB's Mortgage Servicing final rule if it permits members, as a courtesy, to make semi-monthly payments on certain mortgage loans?
 
The answer is simple: CUNA compliance staff noted that credit unions may still issue one monthly statement covering the entire month or may decide to issue statements that reflect the semi-monthly payments in situations where the legal obligation requires a monthly payment, but semi-monthly payments are permitted for the convenience of the member. More details, as spelled out in the rule itself, are provided in the Wrap-Up.
 
Up next, CUNA provides a refresher on MLO regulations: The Wrap-Up details how credit unions can determine whether potential loan originators are qualified for the job, and what credit unions can do to ensure that MLOs receive appropriate training in connection with offering closed-end consumer credit transactions secured by a dwelling.
 
Outlines of the CFPB's integrated Truth in Lending Act and Real Estate Settlement Procedures Act disclosures, which were released last month, are also included in the Wrap-Up.
 
The Wrap-Up also lays out five things credit unions must know about the homeownership counseling list requirement included in the new CFPB mortgage rules, and provides information on the National Credit Union Administration's new fixed assets rule and supervisory letter on enterprise risk management.

And, as it does every month, the CompBlogUp lists the upcoming effective dates of new regulations, important compliance articles and reports to read, as well as CUNA training programs.

For more of the CUNA CompBlog Wrap-Up, and other compliance gems, use the resource link.
Other Resources

CompBlog Wrap-Up
RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
19 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
20 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
20 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
21 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
22 hours ago