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.
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
Continue for Ask R&I
|October 15, 2014|
|TIPs Bulletin #14-23||SB 1050—Notaries Public: Verification of Identity: New Boxed Notice Required|
|October 1, 2014|
|TIPs Bulletin #14-22||Assembly Bill 2293 – Mandates Baseline Insurance Requirements for Transportation Network Companies|
|TIPs Bulletin #14-21||California Unclaimed Property Holder Notice Reports Coming Due|
|TIPs Bulletin #14-20||Assembly Bill 2742 – Revised Model Language for California Consumer Caution and Home Ownership Counseling Notice|
|September 23, 2014|
|TIPs Bulletin #14-19||AB-1858 Change to Financing Statement|
|September 18, 2014|
|TIPs Bulletin #14-18||Reg Z and Reg M Exemption Threshold Adjustments|
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.
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 email@example.com.
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:
"Not only does this compliance burden appear insurmountable, but also overreaching," CUNA said.
FinCEN: QUARTERLY UPDATE ON 'SARs'
updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.
'NMLS' RENEWAL PERIOD BEGINS NOV. 1
updated 10/17/14 01:01 PM
Guidance for Mortgage Loan Originators
The Nationwide Mortgage License Servicing and Registry (NMLS) annual renewal period begins Nov. 1 and ends Dec. 31, where mortgage loan originator registrants must renew their registrations annually, according to federal regulations.