January 8, 2014
Wednesday Edition
CFPB seeks information regarding the mortgage closing process

Late last week, the CFPB issued a Request for Information regarding the mortgage closing process. CUNA will be preparing a Regulatory Call to Action on this request for information and will have it posted next week for interested credit unions. Comments are due to the CFPB by Feb. 7, 2014.

Specifically, the CFPB is seeking information on key consumer “pain points” associated with mortgage closing and how those pain points might be addressed by market innovations and technology. Of note, the agency indicates that the “next phase of CFPB’s Know Before You Owe initiative aims to identify ways to improve the mortgage closing process for consumers.” Information sought will help inform the Bureau’s understanding of what consumers find most problematic about the current closing process and inform the CFPB’s vision for an improved closing experience.

Within the request for information, the CFPB is seeking details through 17 questions on the following areas:

  • Consumers and closing
  • Errors and changes at closing
  • Other parties at closing
  • Closing documents
  • Improving closing.

CUNA will be preparing a comment letter in response to the request for information, and will be working with Leagues, credit unions, and others in the next few weeks as we prepare our letter.

If you have specifics that you would like to share regarding the information sought by the CFPB, please contact LSCU & Affiliates, Director of Regulatory Affairs, Scott Morris

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This week in Alabama politics: Democrats find challengers for Gov. Bentley

Democrats find challengers for Gov. Bentley
Kevin Bass, a businessman and former professional baseball player, recently announced that he would be seeking the state’s highest office. Bass is 34 years old and from Fayette, AL. He says that his campaign will focus on bringing new jobs to the state and protecting funding for Alabama’s educational system. Another potential candidate is current state senator Billy Beasley. Beasley has not officially announced any plans but says that many in Alabama are encouraging him to get in the race. Beasley represents Senate District 28 which includes all or parts of Barbour, Bullock, Henry, Lee, Macon, and Russell counties.

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CU4 Kids: Please and thank you on behalf of the kids

If you have not already done so, send in your Credit Unions for Kids fundraising dollars as soon as possible. Simply submit this form (which includes mailing instructions) along with your fundraising check.

Children’s Miracle Network Hospitals requests credit unions send their funds directly to the CMNHospitals’ Corporate Accounting Department where an accounting team carefully reviews the form you send with your check, notes that the funds came from your credit union, and records the type of fundraiser(s) you held. Every single dollar you submit will be returned to your local hospital from the corporate office on a quarterly basis along with a detailed report of the credit unions who submitted the funds.

THANK YOU for submitting the simple form (which includes mailing instructions) and your funds in a timely manner. Most importantly, on behalf of the kids treated at our local Children’s Miracle Network Hospitals, THANK YOU for supporting the kids in your community!

If you have questions about fund remittance, contact Leonard Parkhurst, director, Southeastern Credit Union Foundation.

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Tom Dorety elected to NCUF board

Tom Dorety, president/CEO of Suncoast Schools Federal Credit Union in Tampa, Fla., was recently elected to the board of the National Credit Union Foundation (NCUF). Board elections took place at NCUF’s board meeting on Dec. 18 and the terms are effective as of Jan. 1, 2014.

“Tom is a longtime champion and supporter of the Foundation,” said Gigi Hyland, NCUF executive director. “I look forward to working with him and the NCUF board to improve people’s financial lives through our programs and grants.”

Dorety takes the board seat previously occupied by Rudy Hanley, president/CEO, SchoolsFirst Federal Credit Union in Santa Ana, Calif. Tom will serve alongside fellow Floridian Laida Garcia, president/CEO of floridacentral Credit Union in Tampa who is the board chairman.

The NCUF board is very diverse. The 13 voting seats on the NCUF Board include representatives of natural person credit unions, national organizations serving credit unions, corporate credit unions, state credit union foundations, state leagues, and an at-large position.

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In This Issue
Wednesday Edition
CFPB seeks information regarding the mortgage closing process
This week in Alabama politics: Democrats find challengers for Gov. Bentley
CU4 Kids: Please and thank you on behalf of the kids
Tom Dorety elected to NCUF board
LSCU & Affiliates Media

President's Quarterly Report
LSCU & Affiliates President/CEO Patrick La Pine looks at the League's activities for the fourth quarter which includes an office move in Tallahassee, a new LEVERAGE hire and an update on tax reform.

NCUA Economic Update - December 2013
Fourth-quarter economic trends show positive signs of a stronger economy, but expected changes in the interest rate environment will present challenges to future credit union performance, according to a new economic video analysis released by the National Credit Union Administration.

Upcoming League Events
Jan. 9 Dormant Accounts/Unclaimed Property
Jan. 14 Real Estate Collections/CFPB Servicing
Jan. 15 IRA & HSA Review - DOMA Implications
Jan. 16 Fee Income 2014 Challenges-Issues
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