Products & Services News (07-27-12)

The Pulse (07-27-12)

July 27, 2012    ●    Volume 01, Issue 30

View 07-27-12 issue of The Pulse

Products & Services News

CUNA Mutual provides Health Care Reform Law resources

The U.S. Supreme Court's decision to uphold the constitutionality of almost all provisions of the Affordable Care Act (ACA) directly affects credit unions. The Health Care Reform Law will continue to be implemented as planned and provisions that are already in effect will continue. Now is the time for credit unions to determine next steps and explore potential opportunities as a result of the changes that will be required.

To assist credit unions with this important task, CUNA Mutual Group has developed a Health Care Reform website. This online tool offers many resources and helpful guidelines to assist credit unions in fulfilling compliance requirements. Credit unions can access the Health Care Reform 2012 Compliance Checklist and the Health Care Reform Timeline to receive guidance on the compliance obligations. In addition, the website also highlights a video featuring CUNA Mutual Group Human Resources Process Leader Brad Pricer discussing the benefits of the health care reform law. 

Access this online resource today and discover the health care reform materials available to help you navigate this complex issue. For more information about CUNA Mutual Group, contact MnCUN Vice President – Association Services John Ferstl by email or at (651) 288-5505.

AmeriCU Mortgage provides update on RESPA/TILA proposed rule

As an organization dedicated to helping credit unions navigate the housing and mortgage market, AmeriCU Mortgage recently provided an overview of a pending compliance rule. The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule that would simplify and combine the Real Estate Settlement Procedures Act's (RESPA's) required Good Faith Estimate (GFE) and the Truth in Lending Act's (TILA's) required Truth in Lending Disclosure (TIL).

The new initial disclosures will know be known as the "Loan Estimate” and the "Closing Disclosure.” These are intended to present the costs and risks associated with a mortgage loan in clearer terms, allowing the consumer to make a more informed decision. Some key improvements the CFPB was looking to make include:

  • Simplification of the forms;
  • Highlighting key information;
  • Clearer warnings about risks;
  • More time to review and consider options; and
  • More limits on closing cost increases.

Since this proposed rule will have a direct impact on credit unions, AmeriCU Mortgage is encouraging individuals to review and comment on this proposed rule. To learn more about AmeriCU Mortgage and the products, services and expertise it can offer your credit union, contact MnCUN Vice President – Association Services John Ferstl by email or at (651) 288-5505.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034