Compliance Blog

I hope everyone had a nice weekend.  Here are a few things to get you started.

Free checking.  In case you missed it, here's an article from NAFCU Today that highlights the decline of free checking.  Is it any surprise, given reductions in our abilities to increase interest rates and charge fees? I am keeping these articles in a file that show the direct effects of added regulation. It may come in handy for comment letters and for conversations with elected representatives.  Also, if you do not receive the free NAFCU Today news service (available to both NAFCU members and non-members) sign up here. 

Reverse mortgages.  NCUA has released Letter to Credit Unions 10-CU-16.  The letter shares recently issued FFIEC guidance on reverse mortgages.  The blog touched on it earlier, but I wanted to bring this to your attention anyway.

NCUA Report.  The most recent issue of the NCUA Report is available here.  The monthly publication does a nice job of highlighting recent agency actions.  (That might come in handy if you are responsible for creating reports.) 

Life lesson.  Last Friday, I had to do business with the District of Columbia government.  It involved a process that included multiple forms and multiple agencies.  I did a ton of research online, but I was still perplexed by a number of issues.  They were all resolved in a 10 minute conversation with someone inside the office that issues the license I need.  Lesson: If you receive a form or document from a particular office and you have questions, never underestimate the power of a short conversation with an official who works inside that office.  They work with that form or process 40 hours a week.  They know the common problems and pitfalls.  When in doubt, pick up the phone.  

Regulatory Alerts.  NAFCU members, we have prepared the following for you:

• Regulatory Alert 10-EA-14 - Escrow Requirements for Higher Priced Mortgage Loans.
• Final Regulation 10-EF-10 FFIEC Reverse Mortgages Guidelines