The Federal Credit Union July-August 2013 - (Page 8)
Show Me the (New) Benjamins
fter more than a two-year
delay, the Federal Reserve
Board will begin circulating the redesigned $100 bill
on Oct. 8. The new bill will include
additional security features, such as
a 3-D security ribbon, a color-shifting bell in an inkwell, and a portrait
watermark of Benjamin Franklin. The
new note was originally introduced in
2010, but an unexpected production
delay caused the Treasury to postpone
the release. More information, as well
as training and education materials,
can be found at www.newmoney.gov.
Storm the Hill for Regulatory Relief
ith tax reform up for
discussion and the everexpanding burden of Dodd-Frank
regulations mounting, NAFCU’s
Congressional Caucus, Sept. 8–11
in Washington, D.C., is the ideal
opportunity for credit unions
to be heard by lawmakers.
From visits to Capitol Hill to a full
slate of influential speakers, including members of Congress, regulators
and renowned political analyst Paul
Begala, Congressional Caucus gives
credit union professionals direct
insights from those in power — as
well as the opportunity to address
critical issues, including protection
of the federal tax exemption, housing
reform and NAFCU’s Five-Point Plan
for Regulatory Relief (www.nafcu.
org/regreliefissue) — a comprehensive
road map for legislators and regulators.
Don’t miss this chance to be heard and
set the record straight in response to
banks that are targeting credit unions’
federal tax exemption.
For updates on the growing list of
speakers or to register for the Caucus,
Credit Unions Say …
hile the Consumer Financial
Protection Bureau’s new mortgage
origination and servicing rules — set to
take effect in January — are meant to help
consumers, many credit union members
may have fewer loan options as a result,
according to a recent survey published in
NAFCU’s Economic & CU Monitor.
Forty-four percent of credit unions said
they plan to stop originating nonqualified mortgages as a result of the qualified
mortgage rule, and another 44 percent
will reduce originations. In 2012, 37.5 percent of respondents originated loans that
would not satisfy the criteria of the rule —
typically around 5 percent of originations.
The rules will also impact members
indirectly through the cost of compliance.
Three-quarters expect mortgage servicing
requirements to cost less than $10,000 in
both initial setup and ongoing expenses.
Another 11.5 percent expect initial setup
costs to exceed $50,000, and 7.1 percent
expect ongoing costs to exceed $50,000.
So far about half of respondents (51.2
percent) have begun implementing
QM and ability-to-pay rules. The new
servicing rule has led 10 percent of survey
participants to seek a third-party mortgage servicer, while more than half (51.4
percent) of respondents will need to make
changes to periodic billing statements due
to the rule, and 18.2 percent say that the
120-day waiting period for loss mitigation
actions conflicts with a state rule.
Stay up to date on the latest CFPB new
mortgage rule developments — including
scope and applicability charts, NAFCU
summaries of the final rules, insightful
blog posts, articles, webcasts and more —
The Federal CrediT Union July–August 2013
Table of Contents for the Digital Edition of The Federal Credit Union July-August 2013
Voices and Opinions
From the Chair
Fred Becker Leaves a Lasting Impression; Dan Berger Moves to CEO
Charting a Course
The 2013 NAFCU Award Winners
2013 Exhibitor Directory
Getting to Know...
Inside NAFCU Services
The Federal Credit Union July-August 2013