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Wolters Kluwer Financial Services July 2013 newsletter
1. Credit Union Update – July 2013
Stay informed on the latest changes with a few of our free resources.
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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.
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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.
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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.)
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these materials, click here.