Compliance Blog

Sep 17, 2012

Agenda for NCUA's September Board Meeting; Mortgage Servicing Proposals in Federal Register

Written by Steve Van Beek

The agenda for NCUA's September 20th Board meeting is now available.  The agenda includes:

  1. Proposed Rule – Part 703 of NCUA’s Rules and Regulations, Permissible Investments – Treasury Inflation Protected Securities.
  2. Proposed Rule – Parts 702 and 741 of NCUA’s Rules and Regulations and Interpretive Ruling and Policy Statement 12-2, Regulatory Relief for Small Credit Unions.
  3. Proposed Rule – Section 701.1 of NCUA’s Rules and Regulations, Expanded Definition of “Rural District” for Field of Membership.
  4. Advanced Notice of Proposed Rulemaking – Section 701.21 of NCUA’s Rules and Regulations, Payday-Alternative Loans.

NCUA will also be meeting in closed session for a few additional agenda items.  

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Mortgage Servicing.  Back in our September 7th blog post, we linked to the CFPB's mortgage proposals as they were published in the Federal Register.  At that time, the Reg Z and Reg X mortgage servicing proposals had not yet been published.

Today, those mortgage servicing proposals have been published in the Federal Register.  The links are below.

Note:  Even though the proposals were published in today's Federal Register (September 17th), the CFPB is sticking with their October 9th deadline for comments.  

Remember, the CFPB is required by Dodd-Frank to finalize the mortgage servicing rules by January 21, 2013.  In order to meet that deadline, the CFPB is providing very limited timeframes for comments - especially on a proposal that would require 20 new notices.