Compliance

NMLS annual renewal period now open

NEWS:  This is a reminder that the Nationwide Multistate Licensing System (NMLS) annual renewal period opened on November 1st and will remain open until December 31st. This requirement is from the federal Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act) and the Consumer Financial Protection Bureau’s (CFPB’s) Reg. G that requires both covered financial institutions and individual mortgage loan originators (MLOs) to renew their registrations annually. 

Handling personal property left in a repossessed vehicle

Q&A:  Here's a question that a Wisconsin credit union recently asked The League's Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League's Compliance Hotline at (800) 242-0833 or email.

Q.  What should the credit union do with personal property that was in a vehicle when we repossessed it?

IRS issues guidance for lenders on reporting car loan interest

NEWS:  The IRS on Tuesday issued new guidance for lenders about reporting interest on certain auto loans while the agency determines how to implement a new federal law that lets taxpayers deduct the interest.

NCUA asks for input on removing “reputation risk” from exams

COMMENT CALL:  The NCUA has proposed to add a new rule that would formally eliminate reputation risk from its supervisory program. The agency previously announced that it planned to stop using reputation risk.