Vermont Regulator Proposes Commitment Letter Changes

on 3:29 PM

The Vermont Department of Financial Regulation is seeking comment on proposed changes to its Vermont Commitment Letter Regulation.  The proposed revisions to the Commitment Letter Regulation do the following:
  1. Update definitions to make them more consistent with definitions found in Vermont statutes.
  2. Provide a short form commitment letter in situations where Reg. Z requires the lender to issue a Closing Disclosure.
  3. Provides some guidance for commitment letters issued in connection with reverse mortgage loans.
  4. Require that the commitment letter be delivered three business days prior to the closing so that it lines up with the delivery of the Closing Disclosure required by Reg. Z.
The Commitment Letter Regulation applies to all residential mortgage loans. Interested parties are asked to provide the Department with thoughts and comments by August 18, 2017.  Read a red-line version of changes to the regulation online.

Vermont Regulator Proposes Updated Privacy Regulation

on 3:18 PM

In 2015 congress made changes to the Gramm Leach Bliley Act (“GLBA”) in order to exempt certain institutions from providing an annual privacy notice if certain conditions are met.

Vermont's financial regulator, the Department of Financial Regulation (DFR) is now proposing revisions to its Vermont Privacy Regulation to align the Vermont regulation with the 2015 GLBA changes.  The Vermont regulation is applicable to all credit unions, whether state or federally chartered.

DFR is circulating its proposed revisions for review by affected parties before the formal rule-making process begins.  Interested parties are asked to submit thoughts and comments to DFR by August 18, 2017.

View a red-line version of the proposed changes to Vermont's privacy law online.

Podcast: Generational Differences in the Workplace

on 12:43 PM

In a new CUNA podcast, best selling author and generational research expert Jason Dorey says that generational differences may be natural and normal, but they’re not always easy to deal with in the workplace.  Dorsey’s research examines each generation’s strengths in addition to their differences.  One interesting finding: Millennials are the largest generation of employees at credit unions, Dorsey says.

In this latest CUNA News Podcast episode, Dorsey discusses the characteristics of each generation, their differences, and common misconceptions people have about each generation.

Listen to the podcast below.

NCUA to Eliminate Region I Office

on 12:37 PM

In its first structural overhaul since 2003, the Albany Region I office of the National Credit Union Administration will be eliminated. Vermont credit unions are under the oversight of the Albany Region I office.  Also being eliminated is the Atlanta Regional office, leaving only three regional offices for the entire country. The Agency will also eliminate four of the five facilities it currently leases. In other aspects of the restructuring . . .

The Office of examination and Insurance will be split into specialized working groups.
The Asset Management and Assistance Center will change to a servicing business model and move to a financial supervisory structure.
An Office of Credit Union Resources and Expansion will be created.
Offices with overlapping functions will be eliminated to improve examination reporting, records management and procurement.

Although details of the financial impact of the proposed changes have not been released, the changes will be discussed in further detail during the NCUA's fall budget briefing. No job cuts are expected, but the overall workforce will shrink as the result of attrition.

The changes are being generally praised by various industry sources. For more details and commentary on the changes read coverage by CU Journal, CU Times and CUNA.

NCUA outlines 2018 distribution as part of TCCUSF closure

on 9:29 AM

NCUA outlines 2018 distribution as part of TCCUSF closure

http://news.cuna.org/articles/112640-ncua-outlines-2018-distribution-as-part-of-tccusf-closure?utm_source=real_magnet&utm_medium=email&utm_campaign=CUNA%2520analyzing%2520NCUA%2520plans%2520for%2520TCCUSF%2520closure%252C%25202018

Partner Colorado CU Rolls Out Cannabis Banking Unit As Separate Business

on 9:58 AM

Partner Colorado CU Rolls Out Cannabis Banking Unit As Separate Business

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/Partner-Colorado-CU-Rolls-Out-Cannabis-Banking-Unit-As-Separate-Business

CUNA, trades seek more info on CFPB debt collection survey

on 9:38 AM

CUNA, trades seek more info on CFPB debt collection survey

http://news.cuna.org/articles/112614-cuna-trades-seek-more-info-on-cfpb-debt-collection-survey?utm_source=real_magnet&utm_medium=email&utm_campaign=Compliance%253A%2520Requirements%2520of%2520Right%2520to%2520Financial%2520Pri

New Card Allows Switch Between Credit/Debit—Even 2 Weeks After Transaction

on 8:40 AM

New Card Allows Switch Between Credit/Debit—Even 2 Weeks After Transaction

http://cutoday.ssd.thinkcreativeinternal.net/Fresh-Today/New-Card-Allows-Switch-Between-Credit-Debit-Even-2-Weeks-After-Transaction?utm_source=Fresh+Today+071417&utm_medium=email&utm_campaign=Frank+J.+Diekmann

CUNA, trades reiterate support for CFPB commission in FSGG letter

on 8:46 AM

CUNA, trades reiterate support for CFPB commission in FSGG letter

http://news.cuna.org/articles/112598-cuna-trades-reiterate-support-for-cfpb-commission-in-fsgg-letter?utm_source=real_magnet&utm_medium=email&utm_campaign=CU%2520leader%2520points%2520out%2520reg%2520constraints%2520at%2520HFSC%2520subcm