As a follow up to correspondence sent out a couple of weeks ago regarding the elimination of the personal guarantee requirement under the new MBL rule, we received feedback that this is not the case for federally insured state-chartered credit unions in Illinois. Illinois state-chartered credit unions must still obtain personal guarantees on all MBLs. […]
Under the new NCUA MBL regulation, the personal guarantee requirement was set to be eliminated sixty (60) days after the final rule’s publication in the Federal Register. May 13 was the 60th day. For once Friday the 13th is a lucky day. Credit unions are now permitted to evaluate a particular member business loan’s risk […]
How are CUSOs helping credit unions and their members? The approaches are changing, as are the needs of members coming out of the recession. Please click here to read more. [Subscription required] Brian Lauer, Partner with Messick and Lauer P.C., is quoted in this article written by Ray Birch which was originally published in the […]
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 […]
Credit unions, mark your calendars for Friday, May 13. That’s when, under a new NCUA rule, member business loans will not require a personal guarantee under certain circumstances. That’s the biggest change in the final rule approved by the agency last month, according to industry insiders and experts. Please click here to read more. [Subscription […]
The National Credit Union Administration required all credit union service organizations to register by March 31, and while the process went mostly smoothly, some CUSOs now worry what will happen with the information they have provided the regulator. Please click here to read more. [Subscription required] Brian Lauer, Partner with Messick and Lauer P.C., is […]
As most of you know, all CUSOs are obligated under the NCUA Regulations to register certain information directly with NCUA on an annual basis. Over 800 CUSOs did so in February and March. NCUA is now in the process of making sure all CUSOs have registered. Their new deadline is April 30, 2016. They are […]
I am constantly trying to get the attention of credit unions to persuade them that even successful credit unions need to collaborate and they need to start now. With every Tom, Dick and Harry competing to take away the traditional business lines of financial institutions, credit unions cannot sit back and wait for things to […]
During the process of assisting with CUSO Registry questions, it came to our attention that in order to complete the CUSO Registry, CUSOs were required to agree to be bound by statutes that apply to credit unions which imposed penalties that are not applicable to a CUSO. On behalf of NACUSO and the many CUSOs […]
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 […]
