MADISON, Wis. (11/3/15)--News Now’s latest series--this one highlighting CUNA’s compliance expertise--notched two places on the list of its Top 10 stories in October.
The articles featured CUNA compliance experts and their breakdowns of Home Mortgage Disclosure Act (HMDA) requirements and new data points to be reported.
Stories about the regulatory burden on credit unions--including testimony by a small credit union CEO before a Senate Banking subcommittee--also were among the most read. The National Credit Union Administration’s approval of its risk-based capital rule was the No. 1 story.
The top 10 News Now articles for October were:
WASHINGTON (10/29/15)--Like all credit unions, Timberland FCU of DuBois, Pa., has a tradition of going above and beyond to serve its members, but it’s getting harder due to regulatory burden, President/CEO Carrie Wood said Wednesday. Wood testified before the U.S. Senate Banking subcommittee on financial institutions and consumer protection during a hearing on the effects of regulatory burdens on rural financial institutions.
WASHINGTON (10/2/15)--The Truth-in-Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule goes into effect tomorrow, bringing with it a number of compliance questions for mortgage participants. While the goal of the rule is to simplify the process for borrowers, mortgage lenders have been working since the rule was finalized in November 2013 to get into compliance.
WASHINGTON (10/26/15)--CUNA’s compliance attorneys are continuing their deep dive into the latest HMDA requirements and have identified a number of newly required data points.
ALEXANDRIA, Va. (10/19/15 UPDATED 2:45 ET)--The National Credit Union Administration reached settlement agreements today totaling $378 million with Barclay’s Capital and Wachovia. The settlements come from the agency’s ongoing litigation with sellers of faulty residential mortgage-backed securities, which caused the failure of corporate credit unions. With today’s agreements, total recoveries from litigation involving banks that sold the faulty securities reached $2.2 billion.
WASHINGTON (10/19/15)--Fresh off the release of the final HMDA rule last week by the Consumer Financial Protection Bureau (CFPB), CUNA’s compliance gurus offer a look at what the increased reporting burdens mean for credit unions.
WASHINGTON (10/23/15)--CUNA continues its advocacy efforts after last week’s discussion with CFPB about overdraft protections and followed up the meeting Thursday with a letter to CFPB staff. CUNA subcommittees traveled to Washington, D.C., last week to discuss regulatory relief with the CFPB and the NCUA
WASHINGTON (10/8/15)--The U.S. House passed a bill to establish a hold-harmless period for the TRID rule through Feb. 1, 2016, by a 303-121 vote. All Republicans and 64 Democrats supported it, and the bill passed by a much wider margin than some anticipated.
WASHINGTON (10/15/15 UPDATED 1:24 p.m. ET)--The CFPB announced today it will finalize its HMDA rule. CUNA has long advocated for credit unions to be exempt from the requirements, saying they would add yet another layer of expense and regulatory burden
WASHINGTON (10/1/15)--The U.S. House will vote next week on a bill that will delay the implementation of the CFPB’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016. The bill concerns the CFPB’s TRID rule, which is effective starting Oct. 3.
ALEXANDRIA, Va. (10/15/15, 12:35 p.m. ET)--The NCUA voted 2 to 1 in favor of the agency’s risk-based capital proposal, making it final more than 20 months after it was first proposed. Board member J. Mark McWatters expressed a number of concerns with the rule prior to voting against it.