#06-1
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Compliance with
HMDA Data Collection/
Reminder of Reporting Deadline of March 1, 2006
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This update
modifies R&I Update #05-2 regarding the Home Mortgage Disclosure
Act (HMDA) and is intended to:
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Remind credit
unions of their annual reporting requirements under the Home
Mortgage Disclosure Act (HMDA). A large number of
credit unions in Ohio and nationally came under close
scrutiny in 2005 and were assessed penalties for not meeting
the annual March 1 reporting deadline. Penalties
for noncompliance can be very severe.
-
Alert credit
unions of how to properly respond to public requests for HMDA
data. Recently, there has been an increase in the number of
requests for this data. It is important that credit unions
respond properly and fully according to the regulations.
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#05-2 |
Compliance with HMDA Data
Collection & Reporting
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This update is
intended to:
- Remind credit
unions of their annual reporting requirements under the Home
Mortgage Disclosure Act (HMDA). Several Ohio credit
unions have incurred penalties in 2005 for noncompliance
with the annual March 1 reporting deadline. Penalties
for noncompliance can be very severe.
- Alert
credit unions of how to properly respond to public requests
for HMDA data. Recently, there has been an increase in the
number of requests for this data. It is important that
credit unions respond properly and fully according to the
regulations.
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#05-1
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Compliance
with Maturity Limits for Loans on Mobile Homes, Travel Trailers,
Boats, and Manufactured Homes
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This update reviews issues involved in determining the maximum
loan term that may be granted to a credit union member as it
pertains to mobile homes, recreational vehicles (RVs),
travel/house trailers, boats, manufactured homes, and other
similar type loans. The maximum loan maturity can vary,
depending on the type of loan, whether the collateral is used as
the member's residence, as well as the tax treatment of the loan
interest under the Internal Revenue Code (IRC). |
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#04-4 |
FACT Act – Current Status on Implementation and Effective
Dates
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The Fair and Accurate Credit Transactions (FACT) Act was enacted
December 2003 and permanently extends the federal preemptions
for credit reporting under the Fair Credit Reporting Act (FCRA).
It enhances the ability of consumers to combat identity theft,
increases accuracy of credit reports, and allows consumers to
exercise greater control regarding the marketing solicitations
they receive. |
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#04-3 |
Ohio’s New
Concealed-Carry Law
Ohio’s new Concealed-Carry bill (H.B. 12) was signed by Governor
Taft in January 2004 and will be effective on April 8, 2004.
Credit union management and employees need to be aware of what
the Concealed-Carry Law permits and consider what actions and
policies are needed.
Click here
for Update Addendum |
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#04-2 |
Check Clearing for
the 21st Century Act (AKA: Check 21)
The President signed the Check Clearing for the 21st Century
Act (Check 21) on Oct.28, 2003 and is effective on Oct. 28,
2004. Check 21 revises the clearing and payment system by
enabling financial institutions participating in the system to
process items electronically. |
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04-1 |
The Revised
Servicemembers Civil
Relief Act
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On December 19, 2003, President Bush signed revisions to the
Soldiers’ and Sailors’ Civil Relief Act which will now be known
as the “Servicemembers Civil Relief Act” (SCRA). This new name
is meant to reflect its coverage of all persons engaged in the
military of the United States. This summary explains the changes
to those parts of the Act which apply to credit unions. |
| #
03-3 |
Sales Tax on
Safety Deposit Box Services
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As of Aug. 1, 2003, Ohio state and local sales tax will
apply to safe deposit boxes.
In order to collect sales tax,
credit unions must obtain a vendor’s license from the county
auditor in the county where the business is located. |
| #
03-2 |
Elimination of FRB Pittsburgh Check Processing
Region
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Effective Nov. 1, 2003, the Pittsburgh check
processing region will be closed and will be combined with the
current Cleveland processing region. A change in credit union
procedures and disclosures is required. |
#
03-1
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USA Patriot Act - Compliance required by Oct. 1, 2003.
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This law is
intended to facilitate the prevention, detection and prosecution
of international money laundering and financing of terrorism.
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| #
02-1 |
Electronic
Signatures - Potential New Opportunities and Benefits
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The acceptance of electronic signatures over the Internet
and the technologies to make it happen may be your ticket to
greater efficiencies and productivity.
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| #
01-7 |
Soldiers’
and Sailors’ Civil Relief Act
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A credit union may not
charge more than 6% interest on loans or lines of credit
established prior to the time a service member goes on active
duty. Also, see #
04-1
The Revised Servicemembers Civil Relief Act. |
| #
01-6 |
Can
you deny membership based on a negative consumer report?
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Can credit unions deny membership
to an individual based upon a negative credit bureau report or
other consumer report such as Chex Systems, Telecheck, etc?
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| #
01-5 |
Yearly
Reporting of Unclaimed Funds
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All accounts must be reported if
they have been "abandoned" for five years as of June
30, 2001.
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| # 01-4 |
Privacy Opt-Out Requests From Members
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How do explain that you must share
some information with third parties without losing your
members' confidence?
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| # 01-3 |
Compliance
Resources, Information & Support
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| # 01-2 |
Representative
Payee Accounts
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| # 01-1 |
Tax
Release Rule Changes
Safe Deposit Box Inventory Changes
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| # 00-1 |
NCUA’s
New Prompt Corrective Action Rule
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| # 00-2 |
Stop Payments on
Credit Union-Issued Checks
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| # 00-3 |
Fed
Modifies Credit Card Solicitation Disclosures
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| # 00-4 |
Member
Abuse & Harassment Policy
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