Credit Union News Blog by Oak Tree Business Systems, Inc. - Your fun and informative source for updates, regulations and more.
NAFCU 48th Annual Conference in Montreal By Oak Tree
The 48th Annual Conference and Solutions Expo was held in Montreal, Quebec, Canada June 23- 26, 2015. The conference began with NAFCU announcing that they will be opening membership to federally insured, state-chartered credit unions. According to the Credit Union Journal there are more than 2,500 state-chartered credit unions, 95% of which are federally insured. NAFCU stated that as the industry is changing, there is a greater need from credit unions for their advocacy organizations. This change is effective immediately.
Mt. Diablo Chapter Meeting CEO Panel
On July 8 Patelco Credit Union’s CEO, Erin Mendez, commented during Mt. Diablos Chapter Event CEO Panel that all thought although 2015 feels like the toughest compliance year, there is more to come. It is clear that this is a common concern throughout all credit unions with the upcoming change to RESPA-TILA. Constant regulation changes can make it difficult to maintain compliant forms and integration to data systems. New regulations add more work for credit unions. Things may slip through gaps if they are not taken care of properly, and they take away time to look at regulations instead of serving members.
The first U.S. credit union opened in 1909. From the beginning, credit unions followed a unique concept. They were created not for profit, but to serve members as credit cooperatives. Since then, over 100 years have passed, and there are 6,557 credit unions in the United States serving over 102 million members. Oak Tree wants to celebrate the 100+ years of credit union history by looking back at how credit unions were started.
The information that everyone has been awaiting was released by the CFPB on July 21, 2015. The TILA-RESPA Integrated Disclosure rule is officially going into effect on Saturday, October 3, 2015. This extension from the previous August 1, 2015 corrects the “administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15.” The new effective date is intended to create a smoother transition of the rule for consumers and the industry. In addition, the weekend launch allows for more time to test systems and make sure everything is working correctly. The new rule change requires “easier-to-use disclosure forms that clearly lay out the terms of a mortgage for a home buyer.”
If you have further questions regarding the new RESPA-TILA integration or would like to know more about how Oak Tree can help your credit union, please email ClientServices@oaktreebiz.com.
CFPB website"CFPB Finalizes Two-Month Extension of Know Before You Owe Effective Date" consumerfinance.gov, July 21,2015.