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|The Pulse (09-16-15)|
The Pulse (09-16-2015)
September 16, 2015 ● Volume 04, Issue 37
Credit Union News
Save the Dates – Credit Union Day at the Capitol and Annual Meeting together in 2016
The Minnesota Credit Union Network provides educational sessions and networking opportunities each year through a slate of major events. Due to circumstances at the Capitol and member feedback, we are changing the timing of two events for 2016:
“The Minnesota Credit Union Network strives to make our major events as valuable to our members as possible,” said MnCUN Vice President & General Counsel John Wendland. “By combining the Credit Union Day at the Capitol and Annual Meeting, we seek to be inclusive of credit unions big and small from the entire state of Minnesota.”
MnCUN's full 2016 educational lineup will be available on the Network website’s Event Calendar in December. Specific details and registration for each event will be available closer to the event dates.
Financial institutions receive class certification in Target breach suit
The U.S. District Court in Minnesota has granted class action status to financial institutions in the pending litigation against Target for the data breach that occurred in late 2013. This ruling formally allows financial institutions to seek damages collectively as opposed to individual financial institutions having to bring their own actions against Target in efforts to recover costs related to the breach.
The Sept. 15 Memorandum and Order is publically available on the U.S. District Court’s multi-district litigation (MDL) - Target web page. The Network will continue to monitor the status and progression of the litigation and publish periodic updates in upcoming issues of the Pulse.
SAFE Comprehensive 2015 MLO Course Available
Rules issued by the Consumer Financial Protection Bureau (CFPB), pursuant to Dodd-Frank amended Regulation Z, now require that a loan originator receive periodic training. This training must cover Federal and State law requirements that relate to the individual’s origination activities. This may leave your credit union wondering what training will meet the standards to satisfy the rule?
The rule is not specific about how much or what type of training is enough, but it does provide a safe harbor. The rule indicates that one way to obtain a safe harbor is for the Mortgage Loan Originator (MLO) to receive training approved by the Nationwide Mortgage Licensing System (NMLS) for continuing education.
You can obtain the safe harbor through the Credit Union National Association’s (CUNA) NMLS approved comprehensive mortgage loan originator course. This course is new in 2015 and meets NMLS’ requirements.
Topics covered include:
This course was designed to meet the continuing education requirements of the SAFE Act, inclusive of (3) hours federal laws & regulations, (3) hours ethics, consumer protection & fair lending and (2) hours lending standards for the non-traditional mortgage product marketplace.
Calling Credit Union Trailblazers
It’s time once again to honor credit union executives, volunteers and whole institutions that promote change by creating and implementing innovative strategies and solutions. CU Times is currently accepting Trailblazer Award nominations. The deadline for submissions is Sept. 25.
Winners will be honored at a reception during CUNA’s Governmental Affairs Conference in Washington, and each success story will be told in print and online in CU Times. Submit your online nomination today.
Determinations of winners are made exclusively by CU Times’ staff reporters and correspondents.
Credit Unions in the News
Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Communications Specialist Laura Whittet.
FIS invests in primary research and gathers knowledge from its thought leaders around the company to help you prepare for change and compete effectively in today's financial services marketplace. Our Insights library contains research papers and presentations based on primary research, articles and white papers written by our thought leaders, interviews with FIS' subject matter experts, and much more.
Select one of the links below to access FIS research and thought leadership on a variety of topics.
FIS is a global leader in banking and payments technology as well as consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 42,000 people worldwide and holds leadership positions in payment processing and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial industry, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index.
To learn more about FIS, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.