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FHFA White Paper: Secondary Mortgage Market Infrastructure

Oct
09
FHFA White Paper: Secondary Mortgage Market Infrastructure

On Thursday, October 4, 2012, the Federal Housing Finance Agency (FHFA) released a white paper entitled, “Building a New Infrastructure for the Secondary Mortgage Market.”  The white paper describes a framework for a new common securitization platform and a model Pooling and Servicing Agreement.  The FHFA seeks to identify the co

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NCUA Legal Opinion Letter to Facilitate Voluntary Mergers

Oct
09
NCUA Legal Opinion Letter to Facilitate Voluntary Mergers

The National Credit Union Administration (NCUA) has discretion under the Federal Credit Union Act (FCUA) to approve a change to a credit union’s charter to facilitate a voluntary merger with another healthy credit union, according to a new legal opinion from NCUA General Counsel Mike McKenna issued last week. 

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Mortgage Loan Proposals Pending at Two Agencies

Oct
05
Mortgage Loan Proposals Pending at Two Agencies

There are currently two pending proposals regarding appraisals for certain mortgage loans.  First, a Consumer Financial Protection Bureau (CFPB) proposal would amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) and require creditors to provide free copies of all written appraisals and valuations developed in connection with an application for a loan secured by a first lien on a dwelling.  Currently, federal credit unions are exempt from the appraisal delivery requirements of R

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CFPB Draft Five-Year Strategic Plan

Oct
05
CFPB Draft Five-Year Strategic Plan

On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released a draft strategic plan for the next five years, 2013 – 2018.  The draft strategic plan includes setting goals and strategies on what the agency aims to achieve, establishing strategies for the agency, and measuring the agency’s pe

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What Will the Departure of Gigi Hyland and Dave Marquis Mean for NCUA and Credit Unions?

Oct
05
What Will the Departure of Gigi Hyland and Dave Marquis Mean for NCUA and Credit Unions?

By:  Bill Cheney, President/CEO of Credit Union National Association

We have gotten this question repeatedly in the last few days. While it is a good and fair inquiry, no one can say for certain whether things will be better or worse with the departure of these NCUA officials, but they will be different.

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CFBP Mortgage Servicing Proposal Concerns

Oct
02
CFBP Mortgage Servicing Proposal Concerns

Credit Union National Association (CUNA) staff continue to draft comment letters to the Consumer Financial Protection Bureau (CFPB) concerning the proposed mortgage servicing rules that will amend Regulation Z and Regulation X.  Below are a few items contained within the proposals that may be of heightened concern for credit unions:

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FASB Proposal on Interest Rate Risk & Liquidity Risk Disclosures

Oct
02
FASB Proposal on Interest Rate Risk & Liquidity Risk Disclosures

A comment letter was filed by the Missouri Credit Union Association (MCUA) and the Credit Union National Association (CUNA) with the Financial Accounting Standards Board (FASB) opposing its proposal that would require reporting entities, including credit unions and other financial institutions, to disclose information regarding their exposure to liquidity risk and interest rate risk.  In ligh

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NCUA National Supervisory Policy Manual

Oct
02
NCUA National Supervisory Policy Manual

The National Credit Union Administration (NCUA) will likely release significant portions of the Supervisory Policy Manual next month, according to reliable sources at NCUA. This is not an examiners’ guide but rather a catalogue of the agency’s supervisory policies.

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Comment to NACHA on ACH Technical Changes

Oct
02
Comment to NACHA on ACH Technical Changes

A comment letter was filed by the Missouri Credit Union Association (MCUA)  and the Credit Union National Association (CUNA) to NACHA – The Electronic Payments Association – regarding their compliance and operational topics proposal.  CUNA generally supports the proposal to clarify the meaning or

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Maintaining Access to Emergency Liquidity

Oct
02
Maintaining Access to Emergency Liquidity

Another comment letter was filed by the Missouri Credit Union Association (MCUA) and the Credit Union National Association (CUNA) with the National Credit Union Administration (NCUA) regarding proposed changes to emergency liquidity from the Central Liquidity Facility (CLF).

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