News/Articles
articles submitted by:
Amanda Smith
Using Remote Online Notarization In Response To COVID-19
Using Remote Online Notarization In Response To COVID-19 There is no doubt that by now we have all encountered many challenges working and sustaining business during the pandemic. Mortgage lending, particularly, has faced numerous unique challenges, one of which is the access to the notary services required to close loans. With social distancing restrictions in […]
At NACUSO Annual, Compliance Quartet Highlights Hot-Button Issues
Regardless of credit union leaders’ politics, one CU advisor says from a compliance perspective “there have not been a lot of negatives” since President Trump took office in early 2017 . . . Please click here to read more. [Subscription may be required]. This article, written by Michael Bartlett, was originally published in the […]
The New HMDA Rule – What you Need to Know
Let us read the hundreds of pages of final rule so you don’t have to. This presentation will provide an overview of the new HMDA rule and will discuss aspects of the rule that apply specifically to mortgage CUSOs and the credit unions that work with them. The New HMDA Rule – What you Need […]
What CFPB’s Employee Incentive Warning Means for CUs
The backlash against Wells Fargo (and, in its wake, virtually all financial institutions) continues unabated as the Consumer Financial Protection Bureau (CFPB) recently warned such companies in a bulletin to properly manage their employee incentives which can pose significant risks to consumers. Please click here to read more. [Subscription may be required] Amanda Smith, Partner […]
How Will CFPB’s Action Against Navy Impact Reg Reform?
Please click here to read more. [Subscription may be required]. Amanda Smith, Partner with Messick and Lauer P.C., is quoted in this article written by Palash R. Ghosh, which was originally published in the Credit Union Journal on October 13, 2016.
Mortgage Servicing Learning from Other’s Missteps
The increased influence of the CFPB on mortgage lending and servicing is becoming more evident with each passing day. The CFPB chronicles its supervisory efforts for public review in regular editions of its Supervisory Highlights publication. Supervisory Highlights discusses, at a high level, select CFPB examination findings and outcomes. Generally speaking, Supervisory Highlights is not […]
Should Credit Unions Outsource Their Compliance?
As the pace of new government regulations continues unabated, an increasing number of credit unions are seeking to outsource their compliance operations to third-party vendors as a means of cutting costs and relieving the burden of immense paperwork and man-hours. Please click here to read more. [Subscription required] Amanda Smith, Partner with Messick and Lauer […]
RESPA Compliance and Marketing Services Agreements
Back in October, 2015, the CFPB issued a Compliance Bulletin to remind participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) and to describe the substantial risks posed by entering into Marketing Services Agreements (MSAs). The link to the Bulletin can be found […]
CFPB Provides Guidance on Using Social Security Disability Income in Mortgage Lending
On November 18, 2014, the CFPB issued a compliance bulletin regarding Social Security Disability Income Verification. The Bulletin was issued to remind creditors of their obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B, with respect to consideration of public assistance income, and to highlight standards and guidelines regarding verification of Social Security […]
Lessons Learned from CFPB Enforcement Actions
On September 25, 2014, the CFPB entered into a Consent Order with a Michigan title insurance agency to settle charges that the title agency entered into certain Marketing Services Agreements (“MSAs”) in violation of the Real Estate Settlement Procedures Act. This Consent Order provides three valuable takeaways for parties that have entered into MSAs with […]
Pennsylvania Powers of Attorney Update
Pennsylvania has enacted broad changes to the laws governing Powers of Attorneys (“POA”) for financial and property transactions. Below is a brief overview of some of the changes effective January 1, 2015. For POAs executed on or after January 1, 2015: A POA may be signed by another person on behalf of the principal only […]
Annual Privacy Notices May be Posted Online Under Certain Circumstances
Originally posted November 12, 2014 The CFPB has amended Regulation P, which requires, among other things, that financial institutions provide an annual disclosure of their privacy policies to their customers. So long as certain requirements are met, the amendment allows annual disclosures to be posted online, saving your Credit Union or CUSO time and money. […]
Preventing Fraud in the Accounts of Decedents, Minors, and Other Fiduciaries
Decedent, minor and other fiduciary accounts, such as those subject to powers of attorney, are particularly susceptible to fraud. While some of these instances of fraud may result from an ignorance of the law on the part of the person with whom the credit union is dealing, many times they are purposeful evasions of the […]
Collaborating Your Way to Compliance
We often talk about collaboration in the context of business and product development; however, collaboration can also play an important role in regulatory compliance. It is undeniable that the current regulatory climate is complex and can even seem insurmountable at times. It is showing no signs of slowing down and credit unions will have to […]
Compliance and Outsourced Services
Credit unions engage third party vendors for a variety of reasons. Some third party vendors bring expertise to the table that allows the credit union to offer products and services to its members that it would not otherwise be able to offer. Other vendors provide products and services in a manner that is more cost […]