WASHINGTON (8/11/14)--The Credit Union National Association's
took a look last month at the Consumer Financial Protection Bureau's (CFPB) new Home Mortgage Disclosure Act (HMDA) proposed rule. The CFPB issued a 573-page proposed rule intended to improve information reported about the residential mortgage market.
While the CFPB believes the proposal will provide information about the residential mortgage market, access to credit, as well as easing reporting requirement for some small financial institutions, CUNA believes that the requirements will be costly and cumbersome to credit unions (
Aug. 7), particularly the mandatory reporting of home equity lines of credit (HELOCs).
July roundup also covered a number of significant regulatory issues that arose last month, including:
- Federal regulators', including the National Credit Union Administration, guidance on HELOCs nearing their end-of-draw periods, which occurs when the principal amount of a HELOC must begin to be repaid;
- The Financial Crimes Enforcement Network's (FinCEN) proposed customer due diligence requirements, latest suspicious activity report bulletin and other information on money-laundering concerns and Bank Secrecy Act violations;
- The NCUA's proposed regulatory relief changes, proposal to amend fixed assets and guidance on how examiners will enforce FinCEN guidance for legal marijuana-based businesses; and
- The CFPB's new interpretive rule on ability-to-repay, equal treatment for same-sex married couples and input in its new eRegulations tool.
The roundup also includes a recap of CUNA's latest compliance webinar, "New Credit Union Compliance Officers: Advice from the Front Line."
Use the resource links below for more information and to access July's