Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
iCompBlog Wrap-Upi offers remittance transfer toolkit
WASHINGTON (11/7/12)--A checklist of resources that will help credit unions prepare for and comply with the Consumer Financial Protection Bureau's upcoming remittance transfer rule is one of many resources included in the October edition of the Credit Union National Association's (CUNA) CompBlog Wrap-Up.

The CFPB's new international remittance transfer rule is scheduled to go into effect on Feb. 7. Under the CFPB's rule, remittance transfer providers would be required to provide prepayment and receipt disclosures to the consumer sender that include the exchange rate, fees and taxes  associated with a transfer, and the amount of money that will be received on the other end of the transfer. Remittance transfer providers will also be required to investigate disputes and correct errors.

In the Wrap-Up, CUNA Federal Compliance Counsel Colleen Kelly lays out links for a recent CFPB webinar on the remittance rules, a small business compliance guide, and a list of countries that have been granted some safe harbor from the rule.

Steps that credit unions will need to take to ensure that their institution, and its mortgage loan originators, are on track for compliance with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) are also covered in the Wrap-Up.

The Nationwide Mortgage Licensing System & Registry (NMLS) Annual Renewal Period begins Nov. 1 and ends Dec. 31 each year. Both credit unions that offer residential mortgage loans and most individual MLOs need to annually renew their registrations through NMLS, as required by the SAFE Act, the Wrap Up notes.

CUNA Director of Compliance Information Valerie Moss in the Wrap Up also reminds credit unions of the need for yearly independent testing of their SAFE Act policies and procedures, and notes that MLOs will soon be subject to new duties under the Truth in Lending Act (TILA).

And, as it does every month, the October CompBlog Wrap-Up lists the upcoming effective dates of new regulations, important compliance articles and reports to read, as well as CUNA training programs.

For more of the CUNA CompBlog Wrap-Up, and other compliance gems, use the resource links.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
23 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
23 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
1 Day ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
1 Day ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
1 Day ago