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Wolters Kluwer Financial Services July 2013 newsletter

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Wolters Kluwer Financial Services July 2013 newsletter

  1. 1. Credit Union Update – July 2013 Stay informed on the latest changes with a few of our free resources. If you have colleagues that are interested, just sign them up by clicking here. See what's new this month: Webinars What’s On the Horizon in Compliance? – Our Quarterly Look Ahead On Demand Version of our Wednesday, June 19, 2013 Live Webinar Join us for our complimentary quarterly regulatory update. In this On Demand 90-minute presentation, our team of Wolters Kluwer Financial Services’ attorneys work through the compliance calendar highlighting the status of current proposed and final regulations with information about compliance changes and mandatory effective dates. From lending to mortgage to IRA/ Deposit to financial intelligence, this session will help ensure your compliance staff is abreast of the regulatory landscape and its impact on your organization. View Today - it's free! Just clink on the “click here” link in the right column. Managing Compliance in an Increasingly Competitive Market Do you feel like your compliance challenges keep growing more complex while your regulatory demands keep eating deeper and deeper into your profits? You’re not alone. Other insured institutions are in the same boat. But unfortunately, some of your competitors aren’t insured financial institutions with the same kind of rigorous examinations as yours. Find out how to better manage your growing compliance demands in the midst of this challenging mar- ket. View Today - it's free! Just clink on the “click here” link in the right column. To gain free access to our most recent articles, case studies, white papers, and webinars, click here.
  2. 2. Articles Enforcement, Corrective Action, and Self-Reporting Issues When the Consumer Financial Protection Bureau (“CFPB”) issued CFPB Bulletin 2013-06 on June 25, 2013, many issues were raised not only for those financial institutions and others regulated by the CFPB, but for all financial institutions as well. Long established expectations of proper preparation for examinations and for response to self-identified violations of law that could lead to enforcement action(s) were put into question. This article will overview that Bulletin and will also highlight several related issues for all financial institutions to help put this Bulletin in perspective. The Ability to Repay/QM Update In the wake of the mortgage meltdown, there was a concern in Congress that some creditors had been making loans to consum- ers without properly considering the borrower’s ability to repay the loan. When Congress passed the Dodd Frank Wall Street Reform and Consumer Protect Act of 2010 (the “Dodd Frank Act”), it addressed this concern by amending the Truth in Lending Act to add a new “ability to repay” requirement: A creditor shall not make a mortgage loan unless the creditor makes a rea- sonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms. Employer Plan-to-IRA Rollovers At a time when baby boomers are reaching retirement age, and workers are frequently changing jobs, individuals that have a vested balance in an employer retirement plan are faced with the question “As it relates to my employer retirement plan, what options are available to me”. Just like when making a decision to purchase a new vehicle, an individual needs to research and understand all the options available to determine what is right for him or her. To make an informed decision there are two basic things that an employee/plan participant should know; is the retirement plan qualified, and will a distribution of plan assets be taxable? The majority of people in this situation will opt to roll eligible assets to an individual retirement account (IRA). Indirect Lending Comes Under Spotlight The Consumer Financial Protection Bureau published CFPB Bulletin 2013-02 in March. The subject: Indirect auto lending and compliance with the Equal Credit Opportunity Act. It has prompted a great deal of analysis, discussion, and concern among CFPB-regulated entities. But if you’re an auto dealer, you’re probably not regulated by the CFPB. So does this bulletin really affect you? Yes. Here’s why it matters. To sign-up for access to these monthly email updates, click here.
  3. 3. White Papers Heightened Regulatory focus on Indirect Lending and The Equal Credit Opportunity Act Fair lending examinations of financial institutions by their primary federal regulators during the past few years in some cases have identified violations of the Equal Credit Opportunity Act (“ECOA”) in direct automobile lending and in indirect lending which required corrective action. A strong new light has been shown on these indirect lending issues by the Consumer Financial Protection Bureau’s (“CFPB”) guidance in Bulletin 21, 2013, “Indirect Auto Lending and Compliance with the Equal Credit Op- portunity Act (ECOA).”While that guidance was provided by the CFPB for indirect auto lenders within the CFPB’s jurisdiction, the CFPB’s recommendations, as well as the directives of the other federal financial institutions regulators, include reminders to indirect lenders of all sizes and charter types to take appropriate actions to prevent discriminatory lending. This article will provide perspective and practical considerations on these significant legal issues. Additional Materials Fair Lending Checklist for Lenders Fair Lending Checklist for Dealers (For those financial institutions who are working with local dealerships, please consider providing them with the information above and this Dealer checklist so they become aware of what may be required.) To sign-up for access to these monthly email updates and download these materials, click here.

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