With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
The CFPB's new mortgage servicing rule contains information on a partial exemption from early intervention requirements for borrowers in bankruptcy. During bankrputcy, mortgage servicers are exempt from the live contact requirements, according to the new rule.
Credit unions that make “Application Withdrawn” action taken reporting errors should pay close attention to the precise definition of the term, according to the NCUA. The issue was covered during a webinar Tuesday covering fair lending topics.
Share insurance coverage, as a general rule, extends National Credit Union Share Insurance Fund coverage to only credit union members. However, within the Federal Credit Union Act, there are some exceptions to the general rule.
While CUNA’s Compliance Community and CompBlog are the credit union community’s premier source for the latest compliance information, CUNA’s compliance staff will also be going “back to basics” on the second and fourth Wednesday of each month.
The new mortgage servicing rule from the CFPB clarifies the frequency of required written early intervention notices. A mortgage servicer must provide notice to a delinquent borrower no later than the 45th day of the borrower’s delinquency.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.