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NCUA releases SAFE Act rule extends TCCULGP dates
ALEXANDRIA, Va. (5/21/10)—New issuances under the National Credit Union Administration’s (NCUA) Temporary Corporate Credit Union Liquidity Guarantee Program (TCCULGP) will continue to be permitted until at least Sept. 30, 2011 after the NCUA on Thursday approved a board action memorandum. In approving the memorandum, the NCUA also voted to limit the
Click to view larger imageAt an open board meeting Thursday, National Credit Union Administratin Chairman Debbie Matz (center) considers a plan to allow the Temporary Corporate Credit Union Liquidity Guarantee Program to continue though least Sept. 30, 2011. The three-member board voted in favor of the extension. (CUNA Photo)
maturity date of those new issuances to September 30, 2012. Debt that is issued after June 30 and has a maturity date that falls after Sept. 30, 2012 will not be covered by the TCCULGP. The board may elect to further extend the program at a later date. The NCUA during its board meeting was also briefed on a final rule that implements the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act. Under the SAFE Act, credit union staffers that are involved in originating mortgage loans, including home equity loans, will be required to register with a new nationwide mortgage registry within six months after the registering procedures are established. Registering will require staff to provide finger prints and information for background checks and to obtain a unique identifying number. To be subject to these requirements, credit union employees will have to have made a minimum of five mortgage loans in a given year. While these NCUA rules will not apply to credit union service organizations (CUSOs), CUSOS and their employees must register, and be licensed, under the SAFE Act pursuant to state law. The rules will apply to credit union volunteers that process mortgages. If approved, the employee database would likely be “up and running” in 2011, NCUA staff said. The rules would likely apply to the approximately 3900 federally-insured credit unions which issue more than five mortgages a year, NCUA staff estimated. While the NCUA Board has already approved the final regulation, this is an interagency rule that has yet to be signed off by all the agencies charged with writing the regulations to implement the SAFE Act.
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