The Point: Aug. 9, 2013


Agencies propose TILA amendments; comments requested

The Federal Reserve Board, CFPB, FDIC, FHFA, NCUA and OCC are proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), as well as the official interpretation to the regulation. Their proposal relates to a final rule issued by the agencies Jan. 18, 2013, that goes into effect Jan. 18, 2014.

The final rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring appraisals for "higher-risk mortgages." For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the final rule requires creditors to: obtain an appraisal or appraisals meeting certain specified standards; provide applicants with a notification regarding the use of the appraisals; and give applicants a copy of the written appraisals used.

The agencies are proposing exemptions from this rule for: transactions secured by existing manufactured homes and not land; certain "streamlined" refinancings; and transactions of $25,000 or less.

To learn more or submit a comment, visit the Federal Register website. The comment period ends Oct. 7.

Recognition Round-Up

The Credit Union Association of New York recently won two APEX Awards of Excellence for its 2012 Annual Meeting & Convention marketing campaign and web writing for Covera. The annual APEX awards program recognizes excellence in publications work by professional communicators.

About Recognition Round-Up:
Credit unions and/or credit union leaders receiving a significant local, state or national award are encouraged to complete and submit the Credit Union Announcement Form for recognition in The Point and on the Association's Facebook page. Photos and related press releases may also be attached with the form.

Recent NCUA town hall webinar now archived

Credit unionists who missed NCUA's July 18 town hall webinar can now access an archived audio recording of the event. More than 1,200 people registered for the live event hosted by NCUA Chairman Debbie Matz and agency staff.

The following topics were covered:

  • NCUA's development of a new risk-based capital framework;
  • member business lending and small business guaranteed loan programs;
  • NCUA's regional realignment;
  • the 2013 Temporary Corporate Credit Union Stabilization Fund assessment; and
  • the proposed Minority Credit Union Preservation Program.

The recording will be available on NCUA's website until Oct. 17.

Upcoming Filene webinar: Harnessing Social Media as an Effective Recruiting Tool

Credit unionists can explore social media as an effective recruiting tool during a free webinar hosted by Filene and QUEsocial. The webinar will be held Aug. 19 at noon, and online registration is available.

Participants will learn some of the best techniques for leveraging social media to recruit top talent, including practical applications that CEOs, COOs and HR professionals can begin using immediately.

Helpful Links

CUNA News Now

Don't Tax My Credit Union Website

Don't Tax My Credit Union Campaign Resources

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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