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Research & Compliance     

LATEST RESEARCH ITEMS OF INTEREST...

Research & Compliance

The answers you need—when you need them!
When technical challenges or complex situations arise at your credit union, turn to the Leagues’ Research & Information (R&I) Department. Our mission is to provide technical, compliance, operational, economic, and regulatory information in an understandable and easily accessible way.
     
InfoSight CU PolicyPro Rate Map
 
Credit Union Quarterly Performance Report

A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.

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Answers to your crucial questions can be less than one business day away. Post your question here, and a talented R&I professional will get back to you quickly! Or if you prefer, call the R&I Hotline to speak directly with our knowledgeable consultants. R&I Hotline: 877-243-5728
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TIPs Bulletins
The Technical Information Procedure (TIPs) bulletins are great tools to help credit union staff understand recent changes in laws and regulations and how they may affect the credit union. TIPs bulletins address current mandatory compliance issues and changes to federal and state regulations. Continue for complete list of current TIPs Bulletins
July 16, 2014
TIPs Bulletin #14-14 Canada’s Anti-SPAM Legislation (CASL) and Its Impact to U.S. Credit Unions
   
June 30, 2014
TIPs Bulletin #14-13 Voluntary Liquidation
TIPs Bulletin #14-12 Annual Indexing of HUD’s Basic Statutory Mortgage Limits for Multi-Family Housing Programs
   
June 10, 2014
TIPs Bulletin #14-11 Interim Rule - Exchange of Mutilated Paper Currency
   
 
CURoots Services

Shared Compliance Services
CURoots offers a variety of services to help you keep pace with ever-changing regulatory compliance while you focus on day-to-day credit union business.

Internal Audit Services
CURoots can help your credit union identify potential issues, assess risk, and save valuable time and resources by providing expert assistance for your auditing needs.


From the Editors of CU Weekly

DBO MORTGAGE SURVEY DUE FEBRUARY 27
updated 02/20/14 07:09 PM
Also, Marijuana Biz Caution
The California Department of Business Oversight (DBO) has released its fifth Annual Commissioner’s Residential Mortgage Survey to financial institutions and third-party lenders, which DBO-licensed credit unions should complete and submit online no later than Feb. 27.

DBO licensees included in the survey were sent an email notification to their DBO-designated emails, with additional details and information on how to access the survey.

The purpose of the survey is for DBO to maintain complete, accurate, and up-to-date information on licensees’ real estate loan portfolios to determine risks and assess the impacts of proposed regulatory or statutory changes at the federal and state levels. The survey collects 2013 data on residential mortgage loans secured by one to four unit family residential properties, including loans held in portfolio, loans held for sale, finalized foreclosures, completed short sales, modifications, and serviced loans.

Credit unions, banks, residential mortgage lenders, and finance lenders must complete the 2013 survey as a special report, pursuant to California Financial Code sections 455, 50307, and 22159.5.

For questions or more information, please email survey@dbo.ca.gov.

Caution Urged Regarding Marijuana Businesses
New federal guidelines allow credit unions and others to provide financial services to marijuana dispensaries. However, this newfound leniency does not come without compliance burdens.

Colorado and Washington recently approved the legal sale of the drug from state-regulated dispensaries. The U.S. Treasury, Financial Crimes Enforcement Network (FinCEN), and U.S. Deputy Attorney General James Cole have all commented on the issues in recent weeks, telling financial institutions they may accept accounts from legal dispensaries.

However, the Credit Union National Association said in its CompBlog: “Until Congress changes the federal law so that marijuana-related businesses are no longer illegal at the federal level, credit unions may be taking a great risk providing financial services to these businesses.”

The compliance burdens could also be stifling for those deciding to take on dispensary accounts.

Financial institutions that work with these businesses should be aware of three new types of Suspicious Activity Reports ("Marijuana Limited" SAR, "Marijuana Priority" SAR, and "Marijuana Termination" SAR), as well as seven specific customer due diligence requirements, such as verifying with the state whether the business is duly licensed and registered.

Further, credit unions that work with dispensaries may need to determine whether or not marijuana from a given dispensary is:

  • Being used by a minor.
  • Being used by an individual who will get behind the wheel of a car
  • Being transferred across state lines.

"Not only does this compliance burden appear insurmountable, but also overreaching," CUNA said.

 
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TIPs, FinCEN PUB, HANDBOOK UPDATE
updated 07/21/14 12:44 PM
The Latest in Compliance
A new TIPs Bulletins (Technical Information and Procedures) has been posted by the California and Nevada Credit Union Leagues on Canada’s anti-SPAM legislation, which went into effect July 1 and is similar to the U.S. government’s CAN-SPAM Act of 2003.

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CFPB ISSUES INTERPRETIVE RULING
updated 07/14/14 03:48 PM
'Ability to Repay' Discussed
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the bureau’s Ability-to-Repay Rule.

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D.J.'s Economix
Leagues Chief Economist Dwight Johnston continually provides economic and market analysis that is both informative and entertaining. Continue for daily and monthly commentary, rate forecasts, and economic updates.
Resources
Scroll through a variety of practical resources to help with BSA, compensation, compliance, disaster preparedness, regulatory exams, and more.
Comment Letters
The Leagues write letters in response to proposed legislation and regulations that affect your credit union’s ability to serve members.