BCFP’s CU Advisory Council Meeting is December 6, 2018
On December 6, the Bureau of Consumer Financial Protection’s (BCFP) Credit Union Advisory Council (CUAC) will hold a public meeting
to discuss artificial intelligence in consumer financial services and consumer access to financial records. Bryan Price, President and CEO of Indiana University Credit Union, is part of this council.
The meeting will be held via conference call. If you want to register for the meeting, you must RSVP
by noon on December 5.
BCFP and Federal Reserve Proposes changes to Reg. CC
The Federal Reserve and BCFP jointly issued a proposal
that would make changes to Regulation CC, which implements the Expedited Funds Availability (EFA) Act. The proposal also provides an opportunity for public comment on certain amendments to Regulation CC that the Board proposed in 2011.
Specifically, the agencies are proposing to adjust the amount of funds depository institutions must make available to their customers/members for inflation. These amendments would apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn.
The proposed changes also include amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which include extending coverage of the EFA Act to American Samoa, the Commonwealth of the Northern Mariana Islands and Guam.
Although the agencies have not decided on whether to make any aspects of the 2011 proposal final, reopening the comment period will provide the agencies with up-to-date public views to consider.
Comments on the proposal will be due within 60 days of its publication in the Federal Register.
NCUA Announces 2019 Board Meeting Schedule
Appraisals for Higher-Priced Mortgage Loans Increases Its Exemption Threshold in 2019
The BCFP, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2019 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans (Reg Z, Section 1026.35) will increase from $26,000 to $26,700.
will be effective January 1, 2019 through December 31, 2019 and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2018.
Pending Regulatory Comment Call
Upcoming Effective Dates
is a compliance resource delivered by email only.
All Regulatory Updates
are available on the League's website. If you have any questions, please don't hesitate to contact Joe Guilfoy
, Craig Dauksas
, Tim Pierce
or Dave Hawkins
. If there is someone else at your credit union who should receive these updates, or if you would like to be removed from our list, please send a reply e-mail.