The Credit CARD Act of 2009 - Section by Section
On Monday, we'll begin walking you through the Credit CARD Act of 2009, section by section. We'll start at Section 101 and dance our way through Section 505. One section per day.  It should be as fun as a barrel full of monkeys.Â
Here's a link to the Credit CARD Act itself.
In addition, for NAFCU members, we created a Credit CARD Act overview, which you can access in the "useful tools" section of our compliance homepage.
With that in mind, you may know of folks at your credit union who would find such an overview useful. Well, have them sign up to have the blog emailed to them each day. Simply forward this email to them, and have them sign up to receive the daily email. The process is easy:
- They'll have to click on this link.Â
- They'll have to enter some information and then respond to a confirmation email. (So be sure to have them look in their SPAM filter, which is where the confirmation emails sometimes land.)
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Yesterday, NCUA held its monthly board meeting. You can find the results here. (Note that all the items are noted as "draft." Worry not, fellow compliance warriors. All the draft items were passed by the NCUA Board unanimously.)
Of note, NCUA passed an interim final rule that creates an exception to the 20-year maturity limit on second mortgage loans so that federal credit unions can participate in the Making Home Affordable Program (MHA), a program administered by the U.S. Department of Treasury. The interim final rule would allow federal credit unions that participate in the MHA program to modify the second mortgage to match the term of a modified first mortgage beyond 20 years. It takes effect 60 days after publication in the Federal Register.
NCUA also did a number of things in relation its corporate stabilization efforts. Access the link above for additional details.  Be on the lookout for a letter to credit unions that will explain things, and an NCUA webcast on June 24 that will address the subject.
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Have a great weekend, everyone. For those interested in baby pictures, go here.