Want to ask the Consumer Financial Protection Bureau (CFPB) a question? Now you can! Last week the CFPB launched a new interactive online tool that includes a database of over 350 commonly asked questions related primarily to credit cards and mortgages.
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Many credit unions I have visited and talked with in the past year have done a great job at getting their Mortgage Loan Originators (MLO), registered through the Nationwide Mortgage Licensing System (NMLS). These same credit unions have done a good job of renewing those registrations. Unfortunately, I have found that most credit unions are not aware of the independent compliance testing that is required by the SAFE Act.
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Financial protection for older Americans is once again a necessary focus for state and federal regulators. Last month representatives from the CFPB visited Illinois to learn about the state’s efforts to protect seniors from financial abuse. Illinois recently passed a state law that requires employees of financial institutions to receive training on how to recognize signs of elder financial exploitation. It is a good reminder for credit unions across the country to check your state law and make sure you understand your state requirements, along with the procedures for reporting elderly financial abuse to the appropriate state agency.
There are also national resources available for credit unions and their older members. Visit the CFPB’s Financial Protection for older Americans site to learn more about their efforts. You can also check out the National Center on Elder Abuse to locate state assistance programs.
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Well, it’s that time of year again. No, I’m not talking about March Madness; I’m talking about CUNA’s Governmental Affairs Conference (GAC) in Washington, D.C. Although, some may think of it a little like March Madness, if you have never been to GAC it is definitely worth the trip. (Get a GAC preview from CUNA’s Ryan Donovan on CUBroadcast.)
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There has been a lot of talk lately about the new Interest Rate Risk rules issued by the NCUA. The most asked question, “Do I need a separate Interest Rate Risk Policy?” Before we answer that, let’s discuss the rule.
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If you have not already registered to electronically file BSA reports, now would be the time to do so. FinCEN recently approved its final rule mandating the electronic filing of reports related to BSA. Here is the low down:
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Congratulations and welcome to those of you who made it past the title and continued reading despite the word ‘derivatives!’ As you likely know, the NCUA has issued an advanced notice of proposed rulemaking (ANPR) regarding how federal credit union participation in derivatives transactions should be handled. Comments to the NCUA are due on April 3, 2012 and should be submitted to CUNA on or before March 16, 2012. I’m certainly not trying to sell anyone on derivatives, but you should at least analyze your interest rate risk, assess whether hedging may even be considered in the future, and if so, review the ANPR and see how it would apply to your credit union.
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