The Point: May 6, 2013

CUs invited to golf for CUPAC this summer

Summer is just around the corner-along with numerous opportunities to hit the greens in support of CUPAC, New York credit unions' state political action committee. The following chapter golf outings are scheduled:

  • June 4: Central New York/Utica-Rome chapters outing at Links @ Sunset Ridge in Marcellus, N.Y.;
  • June 24: Buffalo Chapter outing at Chestnut Hill in Darian Center, N.Y.;
  • Aug. 1: Tri-Chapter (Catskill-Hudson/Metropolitan/Westchester-Rockland chapters) outing at Falkirk Estates in Central Valley, N.Y.;
  • Aug. 6: Jamestown Chapter outing at Cable Hollow Golf in Russell, Penn.;
  •  Aug. 14: Southern Tier/Finger Lakes chapters outing at Links at Hiawatha Landing in Apalachin, N.Y.;
  • Aug. 21: Niagara Chapter outing at Hyde Park Golf Course in Niagara Falls, N.Y.;
  • Sept. 5: Capital Chapter outing at Eagle Crest Golf Course in Clifton Park, N.Y.;
  • Sept: 9: Long Island Chapter outing at Bellport Country Club in Bellport, N.Y.; and
  • Sept. 25: Adirondack Chapter outing at Saratoga Lake Golf Club in Saratoga Springs, N.Y.

To access registration forms and other information, log in to the CUPAC Chapter Golf Events page.

CUPAC is the state's credit union political action committee. Individual contributions to CUPAC are used to support credit union-friendly candidates who are running for state office. Contributions to CUPAC are not tax-deductible. Contributions are strictly voluntary, and you have the right to refuse to contribute without reprisal. Rules for state political fundraising require us to record the name and address of anyone who donates more than $99.

CFPB publishes HOEPA, ECOA, TILA guidance

Late last week, the CFPB released plain-English compliance guides detailing recent changes to three rules: the Home Ownership and Equity Protection Act (HOEPA), the Equal Credit Opportunity Act (ECOA), and sections of the Truth in Lending Act (TILA) that impact higher-priced mortgage loan appraisals.

The following documents can be accessed online:

2013 HOEPA Rule Small Entity Compliance Guide;

Equal Credit Opportunity Act (ECOA) Valuations Rule Small Entity Compliance Guide; and

TILA Higher-Priced Mortgage Loans Appraisal Rule Small Entity Compliance Guide.

The new documents are part of a series of guides and other informational materials the CFPB plans to provide over the next few months. The guides provide an overview of the rules, but are not substitutes for the underlying rules.

The CFPB published similar plain-English guides on escrow regulations and ability-to-repay and qualified mortgage rules last month.

Reminder: Mortgage escrow rules effective June 1

On Jan. 10, 2013, the CFPB issued a final rule amending higher-priced mortgage escrow requirements under Regulation Z. Credit unions should note the following requirements, which become effective June 1:

  • The escrow rule only applies to higher-priced mortgages that are closed-end, are first-lien transactions and are secured by the borrower's principal dwelling.
  • The new rule does not impact home equity lines of credit or loans for initial construction.
  • A higher-priced mortgage is one with an APR that is 1.5 percent higher than the average prime offer rate on first-lien mortgages.
  • An escrow account on a higher-priced mortgage must be in place at least five years, as opposed to the previous one-year requirement.

The CFPB has published a 21-page compliance guide for small entities, including credit unions, impacted by the mortgage escrow requirements. The guide provides a plain-language overview of the rule and a list of frequently asked questions.

Helpful Links

CUNA News Now

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)

Events & Education Calendar

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