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Comp Blog

New - April 24: NCUA Board Meeting / CFPB e-closing pilot program

By: Danielle Wright

CommentThursday - April 24, 2014

NCUA Board Meeting        

The NCUA Board adopted a final rule on capital planning and stress testing for the largest credit unions. The rule requires federally insured credit unions with assets of $10 billion or more to develop and maintain capital plans and submit to annual stress testing by the NCUA. The final rule will be effective 30 days after publication in the Federal Register.  The agency plans to issue guidance on the final rule and CUNA is urging NCUA to allow input from CUNA and the leagues, as well as from affected credit unions, on the document before it is made final.

The Board also approved a proposal to amend NCUA’s chartering and field of membership rules regarding associational common bond requirements and establishes a threshold requirement an association not be formed primarily for expanding field of membership.  

For more information read CUNA’s Board meeting summary or NCUA’s Board Action Bulletin

Bureau plans for e-closing pilot program

At the CFPB Mortgage Closing Forum held yesterday, CFPB Director Cordrary announced plans for an e-closing pilot program and released guidelines in efforts to improve the electronic closing process to make it less costly and more efficient for the consumer. The Bureau’s Blog lists four major pain points that were identified in comments submitted by consumers to the Bureau.

  • Insufficient time to review documents
  • Overwhelming stacks of paperwork
  • Documents are hard to understand
  • Errors in documents that often lead to delays

Use the links below for more information:

CFPB Report Highlights Pain Points for Consumers in Mortgage Closing Process

Bureau Blog: Take more control over the mortgage closing process with technology

Director Cordray’s Remarks at Mortgage Closing Forum


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