New CFPB rules change the definitions and coverage of two types of mortgages. Read more

 

Regulatory compliance firm PolicyWorks today announced the availability of ComplyRight, a full-service, comprehensive compliance solution for credit unions. In partnership with PolicyWorks, sister company The Members Group (TMG) will offer ComplyRight to its credit union clients at a significantly reduced price. Read more

 

According to Andrea Stritzke, vice president of regulatory compliance for the Des Moines-based compliance firm PolicyWorks, the bureau contacted her organization in advance of the hearing announcement, inviting it and Iowa credit unions to attend the hearing and participate in a roundtable on the topic the previous day. Read more

 

Shore up current compliance procedures before new rules take effect. Read more

 

Does CFPB's new 'ability to repay/qualified mortgage' rule apply to my credit union? Read more

 

WASHINGTON (2/27/13)--Credit unions are facing a barrage of new Consumer Financial Protection Bureau mortgage regulations, and the first step in dealing with these regulations should be credit union staff education, panelists at a Tuesday Credit Union National Association Governmental Affairs Conference session said. Read more

 

"Mortgage loan changes that have come and other changes that may be coming have kept credit unions in limbo or a state of transition," says Jeff Andersen, an attorney with PolicyWorks, a regulatory and compliance consulting division of the Iowa Credit Union League. "It can be a bit of a juggling act." Read more

 

One analysis firm is noting that even if a credit union services fewer than 5,000 loans-the threshold for complying with the CFPB's more than 1,800-pages of regulations on mortgage servicing-it will still be subject to the new rules if it uses a master servicer whose total volume exceeds the threshold.

And that's just one of the challenges the new rules is presenting to credit unions that offer mortgages to members, according to PolicyWorks, a consultancy that works with CUs on regulatory compliance and government/public affairs. Andrea Stritzke, VP of regulatory compliance for the firm, and Jeff Andersen, regulatory counsel, told Credit Union Journal for starters, the new rules will be a drain on resources-human and capital. Read more

 

Credit Unions Already Generally Abide by CFPB's New Qualified Mortgage, Ability-to-Repay Rules Read more

 

Andrea Stritzke, vice president of regulatory compliance for the Des Moines, Iowa-based compliance firm PolicyWorks, said the proposed rule eases the 43% debt-to-income ratio requirement for qualified mortgages for small lenders that fund fewer than 500 mortgages per year. Read more

 

In a new white paper “How the CFPB Will Impact Your Community Financial Institution in 2013,” co-authors Dan Lozier, The Members Group director of client relations, and Jeff Andersen, PolicyWorks regulatory counsel, point out how the Consumer Financial Protection Bureau (CFPB) will soon have significant say in how small financial institutions (FIs) interact with their consumers. Read more

 

A fair lending policy isn’t enough to constitute a compliance program. By Andrea Strizke, PolicyWorks VP, regulatory compliance Read more

 

Although the Consumer Financial Protection Bureau has heavily focused on mortgages since its inception, credit and debit cards are likely to become a priority for the agency, according to a new white paper from The Members Group (TMG) and PolicyWorks. Read more

 

Article by PolicyWorks' Jeff Andersen on the regulatory and compliance concern facing credit unions as they work to implment mobile banking features like remote deposit. Read more

 

PolicyWorks LLC, a Des Moines based public affairs and public relations firm, today announced that it has established a key strategic partnership with public opinion research firm Selzer & Company for the benefit of PolicyWorks’ public affairs clients. Read more

 

Before the Consumer Financial Protection Bureau (CFPB) took office, both the Federal Reserve and the Basel Committee on Bank Supervision issued guidance on compliance management programs. Read more

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