Posted by Anthony Demangone
Happy Wednesday, folks.
Material Loss review. Recently, NCUA's Office of Inspector General released a material loss review for Members United Corporate Federal Credit Union. The report noted that a general lack of proper oversight on the part of the credit unions management team and board greatly contributed to the credit union's conservatorship by NCUA. If you deal with board issues, this is a must read. It underscores the importance of good corporate governance and risk management.
CFPB and Mortgage Forms. Elizabeth Warren has stated again and again that one of the CFPB's first priorities will be to reconfigure mortgage-related disclosures. Well, she wasn't kidding. That link takes you to the CFPB website that discusses that particular "project."
Help from others.
- The FEMA Flood Insurance Manual has been updated, effective May 1.
- The OCC has issued a bulletin regarding updated SCRA exam procedures, and another regarding Protecting Tenants at Foreclosure Act of 2009 exam procedures.
- The OTS issued this bulletin, which updates their Reg Z procedures.
Bliss. And yesterday marked my third anniversary with my lovely wife, Mandy. Here's my favorite picture from that day: