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: www.nafcu.org 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

Grinches Steal Christmas on Long Island

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Stealing Christmas decorations from Long Island homes may guarantee landing on Santa’s naughty list, but thieves who struck this holiday season also caught the attention of Nassau and Suffolk county police.Authorities received at least 20 reports of holiday-related thefts or criminal mischief over the past month, although that statistic is likely a fraction of such cases when factoring in crimes that go unreported. Stats were unavailable for thefts of packages containing holiday gifts stolen from outside homes before recipients retrieved them.Most recently, Suffolk Police Hate Crimes Unit detectives said they are investigating the theft of a baby Jesus statue from a nativity scene in front of St. Mary’s Church on West Main Street in East Islip between 1:15 p.m. Christmas Day and 9 a.m. Dec. 26.A month prior, 31-year-old Tinisha Delacruz was arrested for stealing an inflatable snowman from the front lawn of a house on Ackerman Street in her hometown of Central Islip, police said. She was charged with petty larceny and criminal possession of a controlled substance.A Suffolk police spokeswoman said that those were the only two Christmas-related thefts that she was aware of, and that the agency cannot search theft reports by the type of item stolen.In Nassau, police reported nine stolen Star Shower Laser Light Projectors, five stolen inflatable holiday decorations—including an eight-foot Polar Bear, Santa Claus, Grinch, snow man and an 11-foot Hanukkah decoration—and three other types of decorations stolen from Massapequa and Manhasset. At least one victim reported that someone cut the cord to their Christmas lights.Of course, none of this is a new phenomenon. Among the most notable cases in recent memory came in 2011, when a thief went as far as stealing cash from the kiosk where parents took their children to meet Santa Claus at Walt Whitman Mall in South Huntington.last_img read more

Experts look for clues in 1918 pandemic virus family tree

first_imgJun 29, 2009 (CIDRAP News) – To outside observers, the novel H1N1 virus spreading quickly to every corner of the globe must seem like it came out of nowhere, but the organism is a fourth generation of the 1918 pandemic virus and comes from an H1N1 family tree that is colorful and complex, according to two historical reviews that appear today in the New England Journal of Medicine (NEJM).Understanding the history of swine influenza viruses, particularly their contribution to the 1918 pandemic virus, underscores the need to better comprehend zoonotic viruses as well as the dynamics of human pandemic viruses that can arise from them, the authors report in an early online NEJM edition.The world is still in a “pandemic era” that began in 1918, wrote three experts from the National Institute of Allergy and Infectious Diseases (NIAID), senior investigator David Morens, MD, medical epidemiologist Jeffery Taubenberger, MD, PhD, and NIAID director Anthony Fauci, MD.The 1918 virus has used a “bag of evolutionary tricks” to survive in humans and pigs and to launch other novel viruses, they wrote. “The 2009 H1N1 pandemic virus represents yet another genetic product in the still-growing family tree of this remarkable 1918 virus.”The novel H1N1 virus’ complex evolutionary history involved genetic mixing within human viruses and between avian- and swine-adapted viruses, gene segment evolution in multiple species, and evolution from the selection pressure of herd immunity in populations at different times, the group wrote, adding. “The fact that this novel H1N1 influenza A virus has become a pandemic virus expands the previous definition of the term,”Though any new virus is unpredictable, Fauci and his colleagues wrote that in this pandemic era, severity appears to be decreasing over time, with an evolutionary pattern that appears to favor transmissibility over pathogenicity.Two researchers from the University of Pittsburgh, in a review article on the emergence of H1N1 viruses, wrote that viral adaptation to a new host species is complex, but the 1918 influenza A H1N1 virus was unusual because it emerged from a bird source in pigs and humans at the same time. In contrast, researchers have said the new H1N1 virus probably emerged from swine to humans. The authors are Shanta Zimmer, MD, from the medical school, and Donald Burke, MD, from the graduate school of public health.Previous research suggests that antibody specificity against the 1918 human influenza virus diverged quickly from swine influenza viruses, and genetic differences in hemagglutinin (HA) continue to show the same type of rapid divergence between human and swine viruses, they wrote.Researchers still don’t know why H1N1 retreated in 1957 for the next 20 years, though likely factors include high levels of existing homologous immunity plus the sudden appearance of heterologous immunity from a new H2N2 strain, Zimmer and Burke wrote.Cross-species transfers of swine influenza H1N1 cropped up a few times over the next two decades, and human H1N1 didn’t surface again until 1977, presumably because of a laboratory accident in the former Soviet Union. This event marked a first in interpandemic history: the cocirculation of two influenza A viruses.The authors wrote that it’s difficult to predict how well the pandemic strain will compete against the seasonal H1N1 virus. Both viruses share three gene segments with their remote 1918 descendant: nucleocapsid, nonstructural, and HA. They pointed out that studies of B-cell memory response in 1918 pandemic survivors showed that the neutralizing body against HA was specific and long-lasting.Cell-mediated immunity may also affect competition between the two viruses, the authors wrote. Though it’s not clear if cytotoxic T lymphocytes clinically protect humans, they have been shown to reduce viral shedding, even in the absence of antibodies against HA and neuraminidase.”Cytotoxic T lymphocytes that are generated by seasonal influenza viruses against conserved epitopes might provide heterotypic immune responses that could dampen transmission, even in the absence of measurable antibody protection,” Zimmer and Burke wrote.Morens DM, Taubenberger JK, Fauci AS. The persistent legacy of the 1918 influenza virus. N Engl J Med 2009 Jul 16;361(3):225-29 [Full text]Zimmer SM, Burke DS. Historical perspective—emergence of influenza A (H1N1) viruses. N Engl J Med 2009 Jul 16;361(3):279-85 [Full text]last_img read more

Thursday Schedule of Events

first_imgDRIVERS MEETING – 1 pmTRACK PREP (Best Appearing Modifieds on display in Fan Zone)FIRST RACE – 2 pm10 – STOCK CAR HEATS (8 laps)TRACK PREP10 – STOCK CAR HEATS (8 laps)TRACK PREP (Wednesday Modified Top 8 Qualifiers to Fan Zone)10 – MODIFIED HEATS (8 laps)TRACK PREP10 – MODIFIED HEATS (8 laps)TRACK PREP (Wednesday Stock Car Top 8 Qualifiers to Fan Zone)LATE MODEL HOT LAPS2 – STOCK CAR B’s (8 laps)4 – LATE MODEL HEATS (10 laps)TRACK PREP (Casey’s Late Model redraw to Fan Zone)6 – MODIFIED HEATS (8 laps)2 – LATE MODEL B’s (12 laps)TRACK PREP2 – MODIFIED HEATS (8 laps)LATE MODEL “A” (50 laps)TRACK PREP2 – STOCK CAR B’s (8 laps)STOCK CAR “A1” (25 laps)STOCK CAR “A2” (25 laps)TRACK PREP2 – MODIFIED B’s (8 laps)MODIFIED “A1” (25 laps)MODIFIED “A2” (25 laps)5 – MODIFIED B’s (8 laps) SUBJECT TO CHANGElast_img read more

Wellington Police Notes: Friday, Jan. 24 – Sunday, Jan. 26, 2014

first_imgSaturday, January 25, 2014•1:37 a.m. Aaron K. Campbell, 29, Wellington was arrested, charged and confined with burglary, assault on law enforcement, obstruction of official duty and criminal damage to property.•2:15 p.m. Officers investigated violation of protection order of a known suspect in the 1100 block N. Jefferson, Wellington.•3:11 p.m. Officers investigated criminal damage to property in the 800 block W. Hillside, Wellington.•3:12 p.m. Jerrod M. Portenier, 32, Wellington was arrested and charged with driving while license is suspended.•7:45 p.m. Non-Injury, hit and run accident in the 100 block N. A, Wellington involved a vehicle operated by Haley N. Goodman, 25, Wellington and a parked and unoccupied vehicle owned by Tammy M. Mansfield, Wellington. Sunday, January 26, 2014•1:08 p.m. Officers investigated a theft of vehicle parts by an unknown suspect in the 200 block E. 3rd, Wellington.•3:06 p.m. Officers took a report of an unattended death in the 500 block E. 4th, Wellington. Wellington Police notes for Friday, Jan. 24 – Sunday, Jan. 26, 2014: Friday, January 24, 2014•12:30 a.m. – No news release.•12:04 p.m. Brian S. Boor, 21, Wellington was arrested, charged and bonded with criminal damage to property and criminal restraint.•12:34 p.m. Officers investigated criminal damage to vehicle tire and scratched in the 1400 block N. Day, Wellington.last_img read more