Board of Directors
NAFCU Employment Opportunities
Become a NAFCU Member
2014 Accomplishments Brochure: See the unbeatable value and service we provide our members.
Legislative & Regulatory Issues
Credit Union Tax Exemption
Annual Privacy Disclosure Notices
Member Business Lending
Defense Credit Union Issues
Housing Finance Reform
CFPB's Qualified Mortgage Definition
Regulatory Comment Letters
Legislative Policy Letters
Beltway Buzz Enewsletter
The Regulatory Affair Enewsletter
Grassroots Action Center
Regulatory Alert: Amendments to the regulations governing Federal Home Loan Bank (FHLB) membership.
Learn more and Comment
Regulation & Compliance
Contact the Compliance Team
Compliance Resources Search
CFPB Mortgage Rules Compliance
Monthly Compliance Enewsletter
Quarterly BSA Enewsletter
Book of Answers
Compliance GPS Manual
NAFCU Compliance Blog
Additional Compliance Resources
Compliance Certification Program
Become an NCCO
Purchase or Retake Exams
Maintaining Your NCCO
Submit Non-NAFCU Programs for Credits
NCCO Program Frequently Asked Questions (FAQs)
NCCO Compliance Support Package for State-Chartered CUs
The most comprehensive credit union compliance training from A to Z.
Go to School
Data & Research
Economic & Credit Union Industry Trends
CU Industry Trends Quarterly Report
Economic and CU Research Enewsletter
Macroeconomic Data Flash Reports
NAFCU Annual Report on Credit Unions
Credit Union Federal Tax Exemption Study
Participate in Credit Union Research Surveys
Measure Your CU Financial Performance
Credit Union Capital Management Tools
CU Data & Research Publications
Economic Data & Forecast Web Links
Don't miss this month's Economic & CU Monitor. Featuring a special section on data security.
Education & Conferences
Strategic Growth Conference
Regulatory Compliance School
CEOs and Senior Executives Conference
Board of Directors and Supervisory Committee Conference
Annual Conference and Solutions Expo
Risk Management Seminar
Management and Leadership Institute
Regulatory Compliance Seminar
Online Training Center
Live and On-Demand Webcasts
Compliance Webcast & Online Training Subscription
Board of Directors and New Staff Online Training Subscription
Management and Leadership Series
Online Training Center All Access Pass
Certification & Training Certificates
NAFCU Certified Compliance Officer (NCCO) Program
Financial Literacy Training Certificate
BSA Training Certificate
Supervisory Committee Training Certificate
Credits for CPAs
Advertise & Exhibit
Boost your credit union’s revenue.
About NAFCU Services
Preferred Partners A-Z
Growth and Retention
Financial and Insurance
Infrastructure and Operations
Training and Compliance
Live Webinar Schedule
NAFCU Services Blog
Become a Preferred Partner
Browse free educational resources for credit unions.
Visit the Partner Library
IOLTA, QM relief and more in Senate bills
IOLTA, QM relief and more in Senate bills
A summary of the RELIEVE Act introduced Wednesday.
Aug. 1, 2014 – New regulatory relief measures offered in the Senate this week address Interest on Lawyers Trust Accounts, qualified-mortgage relief and an increase from $10 billion to $50 billion in the asset-size threshold for institutions subject to direct CFPB oversight.
Sens. Mark Warner, D-Va., and Angus King, I-Maine, unveiled S. 2698 Wednesday night. The bill, “Regulatory Easement for Lending Institutions that Enable a Vibrant Economy (RELIEVE) Act,” would provide federal deposit and share insurance parity for credit unions with regard to IOLTAs and other escrow accounts. The bill also improves the definition of “rural” so CFPB will recognize more counties as rural, and it increases the annual mortgage origination limit for rural creditors receiving QM relief from 500 to 1,000 per year.
NAFCU sent a letter to Warner, King and Sens. Deb Fischer, R-Neb., and Jon Tester, D-Mont., on Thursday thanking them for introducing the bill. “We appreciate the RELIEVE Act clarifying that the NCUA has the authority to provide NCUSIF [National Credit Union Share Insurance Fund] coverage for IOLTAs and other similar escrow accounts,” NAFCU Vice President of Legislative Affairs Brad Thaler wrote. He also wrote in support of the bill increasing the annual mortgage origination limit for rural creditors.
The Senators also introduced stand-alone legislation, S.2699, addressing just IOLTAs as well as a stand-alone S.2697, which addresses the qualified mortgage relief aspects of the RELIEVE Act. The House in May
passed H.R. 3468
, which would ensure credit unions have parity with FDIC-insured institutions when it comes to escrow accounts, such as IOLTAs.
On Thursday, Sens. Joe Donnelly, D-Ind., and Pat Toomey, R-Pa., dropped legislation, S. 2732, to raise the $10 billion CFPB oversight threshold to $50 billion. NAFCU was the only financial trade association to oppose credit unions at any asset size being under the jurisdiction of CFPB. NAFCU supports this measure as a step in the right direction.
NAFCU will keep members informed of any actions taken on these bills.
Credit union regulatory relief
FHFA: Mortgage interest rates down in June
NAFCU welcomes move toward eased fixed-assets rule