News Now LiveWire

Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE 2 days ago

Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD 2 days ago

Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7 2 days ago

WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN. 2 days ago

Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN. 2 days ago

more...

---

CUNA offers design help in mortgage registration plan

WASHINGTON (11/13/08)—The Credit Union National Association (CUNA) has requested to be included in the design process as federal regulators proceed to hammer out details of a national licensing and registry program for mortgage originators.

The program is required under the Housing and Economic Recovery Act, signed into law in July. It requires employees of state- and federally chartered credit unions, and others, who originate mortgages to annually register with the National Mortgage Licensing System and Registry as a "registered loan originator."

The law requires the National Credit Union Administration and the federal banking agencies via the Federal Financial Institutions Examination Council (FFIEC) to develop and maintain the registry system in conjunction with the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators. The FFIEC agencies have one year to put this program into place.

In a letter to the NCUA, CUNA wrote Wednesday, "We have been actively involved in both providing information to our members about the new mortgage registration system and soliciting their views and concerns with regard to both the burdens and the areas in which further clarification is needed."

Therefore, the letter said, CUNA could assist federal regulators in understanding credit union concerns about the registry and licensing program prior to such a program being finalized.

The CUNA letter went on to fully describe six main areas of concern. Use the resource link below to read the complete letter.

Resource Links

CUNA Letter to NCUA