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$300 Million Settlement Reached in Remote Deposit Capture Lawsuit
United States Automobile Association (USAA) and Wells Fargo have reached a $300 million settlement in their dispute over remote deposit capture technology (RDC) patents Summary of NCUA Board Meeting The National Credit Union Administration Board (Board) met last Thursday (2/18). This was the first meeting under the leadership of Chairman Harper. Training and Overview of CUNA’s Compliance Management System in March On March 11, from 10 – 11:30 the Minnesota Credit Union Network and CUNA will host a training and overview of CUNA’s Compliance Management System (CU-CMS). Bureau Reconsidering Recent QM Rules The Consumer Financial Protection Bureau (Bureau) issued a statement yesterday regarding General QM Loans and the recently created Seasoned QM Loans. Credit unions subject to Home Mortgage Disclosure Act (HMDA) requirements in calendar year 2020 must submit data to the Consumer Financial Protection Bureau by March 1, 2021.
President Joe Biden has named Todd Harper chairman of the NCUA. Outgoing Board Chair, Rodney Hood will remain as a Board Member. Harper was nominated and confirmed in 2019 and is the first NCUA Chair and Board Member to have previously served as a NCUA staff member.
"On behalf of Minnesota credit unions, I congratulate Todd Harper on his appointment to Chair the NCUA and thank Rodney Hood for his leadership," said Mark Cummins, President and CEO of the Minnesota Credit Union Network. "I look forward to working with Chair Harper in partnership as credit unions will be critical in the economic recovery." NCUA News Release CUNA Article 2020 Compliance Year in Review & Checklist Available
CUNA released its annual Year in Review and Year in Review Checklist for compliance changes that took place in 2020. Summary of Proposed Rules Approved by the NCUA Board At its first meeting of 2021, the NCUA Board (Board) approved a proposed rule and an advance notice of proposed rulemaking (ANPR) regarding the risk-based capital (RBC) rule as well as a proposed rule on CUSOs. PolicyAid Quarterly Update Access to PolicyAid is a member benefit available to all MnCUN member credit unions. The policies are templates that should be revised by credit unions to fit their specific needs.
The Minnesota Credit Union Network has received several questions on issues related to the second round of Economic Impact Payments (EIP Payments) being issued pursuant to the COVID-related Tax Relief Act of 2020 (the “Act”).
Regulatory Advocacy Victory on Final Rule for Regulation F
On Friday (12/18) the Consumer Financial Protection Bureau (Bureau) issued a final rule amending Regulation F, which governs debt collectors. Summary of NCUA Board Actions The NCUA Board held back-to-back meetings on December 17 and 18 to discuss a number of items. Bureau Adjusts HMDA Reporting Threshold The Bureau of Consumer Financial Protection (Bureau) issued a final rule adjusting the asset-size exemption threshold for HMDA. Bureau Finalizes Changes to Qualified Mortgages
Last Thursday (12/10) the Consumer Financial Protection Bureau (Bureau) issued final rules on qualified mortgage (QM) loans. NCUA Proposes to Remove Prohibition on Capitalization of Interest
The NCUA issued a proposed rule that would remove the prohibition on credit unions capitalizing interest in connection with loan workouts and modifications. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
February 2021
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