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Comp Blog

New - April 4: CUNA Mortgage / Homeowners Flood Insurance Affordability Act / OIG Report on CFPB

By: Danielle Wright

CommentFriday - April 4, 2014

CUNA’s Mortgage Survey

Please tell us by Monday at Noon Eastern how your credit union is handling the requirements of the CFPB's Ability-to-Repay/Qualified Mortgage lending rules.  Click here for the brief survey.

Homeowners Flood Insurance Affordability Act

FEMA's Federal Insurance and Mitigation Administration has issued a memorandum providing an Overview of the Homeowner Flood Insurance Affordability Act of 2014.  Additional information will be posted on FEMA Flood Insurance Reform page on the new law and its impact on the National Flood Insurance Program (NFIP).  Resource links are below.

Memorandum – Overview of the Homeowner Flood Insurance Affordability Act of 2014

FEMA webpage on Flood Insurance Reform

OIG suggests CFPB improve its supervision

The Office of the Inspector General (OIG) for the Federal Reserve System and for the CFPB has issued an Evaluation Report, "The CFPB Can Improve the Efficiency and Effectiveness of Its Supervisory Activities," which uses information in the Bureau's examination database as of July 31, 2013. Key recommendations for the CFPB from the OIG include:

  • create and update relevant policies and procedures
  • track and monitor examination processes for staffing examinations and producing examination products
  • finalize its examiner commissioning program

The report said that more than half of the 82 draft reports submitted by regional exam teams failed to meet Bureau requirements for submission within 30 days of fieldwork completion, and that several exams had been outstanding for more than a year. The OIG reports that CFPB officials have said that measures have been or will be taken to address the suggested improvements.


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