Greetings from Raleigh! The NC Credit Union League is pleased to present the League Minute for October 2012.
The League exists to help credit unions succeed. We want to partner with credit unions in NC, support you and help you in any way that we can. To that end, here are three things that we’re working on at the League to help credit unions.
Compliance/TILA-RESPA Updates The League is still in the process of gathering feedback on the Consumer Financial Protection Bureau’s proposals on mortgage disclosures. This proposal issues critical changes to the mortgage lending process including the record retention requirement. The record retention component of the proposal would require credit unions to retain the mortgage disclosures in machine readable format. This requirement would not be fulfilled by storing forms in pdf or jpeg format but rather would require new software that allows the CFPB to pull the information from your system and compare the numbers from the forms. To date, the League has not found a credit union in North Carolina that currently operates with this type of software. Comments are due to the CFPB by November 6 and the League’s Regulatory Department will be drafting a letter. The League needs actual estimates from our credit unions and their vendors on the cost to implement such a system as well as any training cost associated with this new requirement. Please reach out to Lauren Whaley or Dana Campbell for additional information on how you can get involved.
Save to Win The League is pleased to announce that Save to Win, the innovative Prize-Linked Savings program, will roll out in North Carolina in January! Save to Win, which first debuted in Michigan in 2009, has a proven track record of helping credit union members develop a regular habit of saving money. A group of credit unions in North Carolina have combined forces to debut the state’s first Save to Win campaign. If your credit union is interested in learning more about the program, how it works and how you can partner on the project, please contact Geoff Finken at the League.
HR Conference Coming Soon We are excited to kick-off our first-ever SC/NC joint Human Resources Conference! Sessions will focus on common HR issues including increasing employee loyalty, legal responsibility for credit union’s retirement plans, wellness incentives and an opportunity to ask HR questions before a legal panel. The conference takes place November 1-2 at Kingston Plantation in Myrtle Beach. There is still time to register. There is still time to register. Please contact Lauren DeAngelis for more information, or click here go to the meeting page.