The Point: Jan. 3, 2014

CFPB raises TILA, HMDA thresholds

The CFPB recently announced two final rules that increased certain exemption thresholds under Regulation Z (Truth in Lending) and the Home Mortgage Disclosure Act (HMDA) in 2014. Both rules went into effect Jan. 1.

The Regulation Z final rule amended a change in the asset size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan. The threshold amount, which also affects eligibility for small creditor status under Regulation Z's Ability to Repay requirements, has been increased to $2.028 billion.

A final rule increasing the exemption threshold under HMDA for credit unions, banks and savings associations to $43 million from $42 million was also announced. Financial institutions with total assets of more than $43 million that have home or branch offices in defined metropolitan statistical areas must collect certain mortgage loan data and report it to federal regulators.

NCUA seeking feedback on strategic plan

NCUA has released a draft of its 2014-2017 Strategic Plan and is seeking credit union feedback. According to NCUA, the plan is designed to provide effective, balanced regulation—without hampering growth and innovation—during a time of rapid industry changes.

The Strategic Plan draft includes the following priorities:

  • setting high safety and soundness standards while still being a fair, effective regulator;
  • advocating for initiatives designed to protect members from predatory, unsafe financial products;
  • ensuring access to credit union services for all eligible members; and
  • fostering positive relations with elected labor representatives.

The agency’s draft also lists new and different products, diversified holdings, growing real estate concentration, technological changes, cyber-security and increasing member business loan portfolios as risks that will require continual monitoring and mitigation strategies.

Comments are due Jan. 17 and can be emailed to or mailed to: National Credit Union Administration, Attn: OED Strategic Planning, 1775 Duke Street, Alexandria, VA 22314.

Deadline for CU Times Trailblazer nominations approaching

Credit unionists have until next Friday, Jan. 10, to submit nominations for the Credit Union Times' ninth annual Trailblazer Awards. To nominate an individual or credit union, visit the Credit Union Times website.

Individual Trailblazer Award categories include: CEO of the year, volunteer of the year, CFO of the year, IT executive of the year, lending officer of the year, marketing executive of the year and HR executive of the year. Two additional awards will be presented to credit unions for outstanding political action and outstanding service to the underserved.

Recipients will be honored at a reception during CUNA's Governmental Affairs Conference (GAC) in Washington, D.C., and their stories will be published in both the print and online editions of Credit Union Times.

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