Latest ViClarity Newsletter Now Available

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The latest edition of the ViClarity Newsletter is now available. ViClarity, a benefit of League membership, is an award-winning RegTech solution tailored for your Governance, Risk and Compliance (GRC) needs. Please check your email or click here to access the newsletter using your email address and your California or Nevada Credit Union Leagues member-only password.

Inside this newsletter edition:

Register for ViClarity's Q2 Town Hall - June 9, 2022
Join the ViClarity team as they go over the "Ability to Repay and Qualified Mortgage" rule: what changed with the new rule, when the mandatory compliance date lands, and the different ways in which this could apply to your credit union.

California Department of Financial Protection and Innovation Extends Residential Mortgage Loan Report Submission Date
California Department of Financial Protection and Innovation recently announced that it has extended the deadline for mortgage lending licensees.

National Credit Union Administration (NCUA) Begins Phase 2 of Plan to Resume Onsite Operations
On Monday, April 11, 2022, the NCUA began Phase 2 of their plan to resume onsite operations. They are now permitting staff to volunteer to work onsite, including conducting examination and supervision work at credit unions in counties with low or moderate COVID-19 community spread.

Potential Rise in Social Engineering and Phishing Attacks
The current war between Ukraine and Russia has increased apprehensions of potential cyberattacks in the U.S. It is for this reason that financial institutions should remain vigilant and take preventative measures to avoid becoming a victim.

NCUA Releases Office of Minority and Women Inclusion Report to Congress
On April 11, 2022, the NCUA released its Office of Minority and Women Inclusion (OMWI) annual report to Congress.

NCUA Board Approves Proposed Rule for Electronic Pleadings and Communications
The Comptroller of the Currency, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), collectively known as the Agencies, along with the Office of Thrift Supervision (OTS) created uniform rules and procedures for administrative hearings.

April Q+A

  • Q1. What are the basic NCUA Share Insurance Coverage Limits?
  • Q2. When is it permissible to delay the availability of funds received longer than prescribed within the Regulation CC Funds Availability Schedule?
  • Q3. Can a borrower’s reaffirmation of personal liability for the mortgage loan affect whether a servicer is exempt from the periodic statement requirements?
  • Q4. When there is an escrow shortage, can the credit union communicate to the member that they may voluntarily provide the lump sum payment to satisfy an escrow shortage if they choose to?

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