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.
Under the CFPB’s updated mortgage servicing rules, credit unions are required to include policies and procedures relating to “successors in interest" when notice of the existence of a potential successor in interest is received.
CUNA’s CompBlog, already the premiere location for the latest and most in-depth credit union compliance information, is launching a new feature starting in September. The challenge will highlight the top blog posts each month.
CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.
Sept. 23 is the implementation date for the first phase of same-day automated clearing house (ACH) service. NACHA finalized its same-day ACH rules in May 2015, and the Fed adopted the rules in September 2015.
NCUA has released its new call report form and accompanying instructions, which become effective Sept. 30. For credit unions engaged in commercial lending, most notable are the updates reflecting the January 2017 changes to the member business lending rule.