HMDA changes are coming. Is your credit union prepared?

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brandy Bruyere Brandy Bruyere, NCCO was named vice president of regulatory compliance in February 2017. In her role, Bruyere oversees NAFCU’s regulatory compliance team who help credit unions with a variety of … Web: Details Some credit unions that are required to comply with the Home Mortgage Disclosure Act (HMDA) requirements are getting a compliance break. Under Dodd-Frank, HMDA requires credit unions to collect new specific data points and specifies how these new points must be reported to the Bureau of Consumer Financial Protection (Bureau).  However, the recently passed Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) will help reduce regulatory burdens. While S.2155 does not change whether your credit union is subject to HMDA, it provided regulatory relief for some credit unions by significantly reducing the amount of data that needs to be collected, adding a new threshold for which financial institutions will be required to collect and report the data points. Why have the data reporting requirements changed? S.2155 amends a section of HMDA to add a partial exemption from certain data reporting requirements. As amended, a credit union that is a financial institution but did not originate 500 closed-end mortgage loans or 500 open-end lines of credit in the past 2 calendar years would not need to follow “the requirements of paragraphs (5) and (6)” of 12 U.S.C. 2803(b) (HMDA). It was not entirely clear how this would be implemented until August 31, 2018, when the bureau issued guidance identifying 26 data points as being eligible for this partial exemption. This includes: the universal loan identifier (ULI); property address; rate spread; credit score; reasons for denial; total points and fees; origination charges; lender credits; discount points; debt-to-income ratio; combined loan-to-value ratio; property value, and more. The partial exemption applies based on whether a credit union is below the threshold for the loan type. For example, if in each the prior two years, a credit union originates over 500 open-end HMDA covered loans, but under 500 closed-end HMDA loans, the partial exemption would only be available for the credit union’s closed-end loans. What about the legal entity identifier (LEI)? NAFCU’s compliance team received many questions leading up to the HMDA implementation deadline about the rule’s requirement that the credit union have an LEI, but this is a component of the “universal loan identifier” data point. The bureau confirmed that the ULI is eligible for a partial exemption, so some credit unions will no longer need to maintain an LEI and create ULIs. However, the bureau’s recent guidance clarified that credit unions operating under the partial exemption will still be required to provide a “non-universal loan identifier” for loans, which “does not need to be unique within the industry.” Rather, this loan identifier can have up to 22 characters and must meet the following additional requirements:(1) May be letters, numerals, or a combination of letters and numerals;(2) Must be unique within the credit union (e.g. only one is assigned to any particular covered loan/application, and each corresponds to a single application); and(3) Must not include any information that could be used to directly identify the applicant or borrower (e.g. name, date of birth, Social Security number, driver’s license or identification number, etc.)For more information, including a chart created by the bureau highlighting which specific data points are eligible for the partial exemption, check out this NAFCU Compliance Blog post. last_img read more

Governor Wolf and First Lady Frances Wolf Light the 2017 Capitol Christmas Tree

first_img December 08, 2017 SHARE Email Facebook Twitter Governor Wolf and First Lady Frances Wolf Light the 2017 Capitol Christmas Treecenter_img Holidays,  Press Release Harrisburg, PA – Governor Tom Wolf and First Lady Frances Wolf joined hundreds of people in the state Capitol Rotunda today to celebrate the holidays with the 2017 Capitol Tree Lighting Ceremony.“The Capitol Christmas Tree is a beautiful reminder of all that the holiday season gives to us across our commonwealth,” said Governor Wolf. “Let us all take the time this year to reflect on our own blessings and enjoy everything the holidays have to offer.”The tree is a 22-foot Douglas Fir from Crystal Spring Tree Farm in Lehighton, Carbon County.  It is decorated with more than 900 LED lights and more than 1,600 hand-made ornaments from senior centers throughout the commonwealth coordinated by the PA Department of Aging and Pre-K/Head Start students through Pre-K for PA.The Governor and First Lady were joined by Pennsylvania Department of General Services Secretary Curt Topper and Rev. Carl Tancredi D.Min, Catholic Chaplain York College of Pennsylvania. The Susquenita Middle and High School Choirs provided musical performances and Santa Claus made an appearance.In addition to the Rotunda Tree, there is a 22-foot Douglas Fir on the Capitol Steps and an 18-foot Douglas Fir in Soldiers’ Grove.The Rotunda tree will be lit daily from 8 a.m. to 8 p.m., while the Capitol Steps and Soldiers’ Grove trees will be lit daily from 5 p.m. to midnight. All trees will be lit daily through the week of January 8, 2018.last_img read more

NCAA to announce results of investigation into Syracuse at noon Friday

first_imgThe NCAA will release a report regarding the results of its investigation into Syracuse University at noon on Friday, according to an NCAA press release.There will be a conference call at 1 p.m. to discuss the findings and Committee on Infractions’ decision regarding SU. Britton Banowsky, the NCAA’s chief hearing officer and commissioner of Conference USA, will discuss the results on the call, which will be open to the media. SU has reportedly been the subject of an NCAA investigation since 2007, when the university self-reported potential violations within the athletics department. No current student athlete was involved in the investigation, according to multiple reports. The announcement comes more than 100 days after SU officials and coaches traveled to Chicago for a hearing in front of the NCAA Committee on Infractions. Sanctions are typically announced 30-60 days after a hearing. More coverage to come on throughout the day. Follow the @dailyorange and @DOsports Twitter handles for live updates. AdvertisementThis is placeholder text Published on March 6, 2015 at 9:24 am Contact Brett: [email protected] | @Brett_Samuels27 Commentscenter_img Facebook Twitter Google+last_img read more

No mention of Alger Hiss contained in Soviet files

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NEW YORK – A Russian researcher, delving anew into once-secret Soviet files from the Cold War, says she has found no evidence that Alger Hiss spied or that Soviet intelligence had any particular interest in him. In a speech to be delivered at a New York University symposium today, Svetlana A. Chervonnaya says neither Hiss’ name nor his alleged spy moniker, Ales, appears in any of dozens of documents from Soviet archives that she has reviewed since the early 1990s. Calling her efforts “proving the negative,” Chervonnaya says “a thorough combing of all the said archives combined has not produced a shred of evidence that Alger Hiss had ever been a member of the (American) Communist Party and was engaged in any behind-the-scenes interactions with the Soviets.” Hiss, a top State Department official who played a key role in founding the United Nations, was convicted of perjury in 1950 for lying about being a Soviet spy. He served nearly four years of a five-year federal prison sentence and died at age 92 in 1996.last_img read more

Breaking News: Judge orders jury to find man not guilty in death of motorcyclist

first_imgA Lifford man has been found not guilty by the direction of the Judge of dangerous driving causing the death of a motorcyclist.Hugh Shalvey, 34, was killed when his Honda motorbike collided with a jeep and trailer in Raphoe in October, 2014. The man driving the jeep and trailer, David McCauley, 36, was charged with dangerous driving causing the death of Mr Shalvey.However, following various witnesses being heard over the past two days, Judge Terence O’Sullivan halted the trial at Letterkenny Circuit Court.It follows a plea for direction by Mr McCauley’s barrister Jonathan Kilfeather not to find his client guilty.After reviewing the evidence, Judge O’Sullivan agreed that the evidence had not reached a level to find Mr McCauley, of Drumleen, Lifford, guilty of dangerous driving causing the death of Mr Shalvey.The court had heard that Mr Shalvey had been killed instantly when his Honda 900 motorbike collided with a trailer being driven by Mr McCauley.The trailer was turning right into a farmyard outside Raphoe when the accident happened.Gardai had claimed that the right indicator light on Mr McCauley’s trailer was not working.However, the accused claimed that just weeks before the accident, he had had his trailer serviced and all lights checked.Evidence in the case was given by Garda Forensic officers as well as other motorists who were in the vicinity of the crash when it happened just before 4pm on the afternoon of October 29th, 2014.Judge O’Sullivan ordered the jury of nine men and three women to find the accused not guilty of dangerous driving causing death.He said “There is no case to answer in the case of dangerous driving causing death in the evidence heard. We have a job to do that if a case doesn’t get over a certain level then we withdraw it. These are difficult cases and I would like to express my sympathies to family and friends of Mr Shalvey.Breaking News: Judge orders jury to find man not guilty in death of motorcyclist was last modified: April 28th, 2017 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Hugh ShalveyLiffordRaphoelast_img read more