NEW! MLA Workflow Document for Lenders We are proud to present a new document that will assist your lending staff in processing loans that must adhere to the guidelines of the Military Lending Act. This must-read document was created in cooperation with a number of credit unions who provided valuable input to help loan staff […]
Regulation Interpretation
CU*Answers, Zoot, and the Military Lending Act (MLA)
As we’ve previously reported, we are working closely with Zoot in regards to MLA in order to develop the specifications that will ultimately lead to displaying an active military status on credit reports in CU*BASE GOLD. In a recent meeting between CU*Answers and Zoot staff, we learned from Zoot that our clients should be contacting credit […]
Update to the Military Lending Act (MLA)
More and more is being learned about the requirements of the Military Lending Act here at CU*Answers, and questions continue to be asked relative to what changes we anticipate making in CU*BASE. This update will investigate the three main requirements and then further describe where we are at relative to the core platform. For previously […]
Risk Based Capital Round 2 – Raise Your Voice!
Over the course of the next three weeks we will be releasing a three-part series completed by CU*Answers audit, legal, and compliance professionals addressing the NCUA’s recent revisions to the proposed Risk Based Capital rule. The series will first concentrate on a holistic view of why this rule is flawed, followed by a legal perspective. The goal […]
FFIEC Releases Social Media Guidence Letter
The FFIEC has released a proposed Social Media Guidance document for public comment. Credit unions should be aware that if this guidance is released in final form, it is likely that the NCUA will adopt this document and require compliance with the guidance. The content and our opinion of the document can be summarized as […]
Regulation V—Hits the road running
Just when we all thought we could breathe a sigh of relief from the barrage of regulatory changes, Regulation V hits us square between the eyes. Regulation V places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. The verbiage of Regulation V is confusing to the […]