Compliance Blog

Dec 18, 2008
Categories: BSA Consumer Lending

CU HARP/SIP; BSA Reminder; NCUA Board Meeting

Posted by Anthony Demangone

On Tuesday, NCUA gave a webinar to cover details of the CU HARP and CU SIP programs. 

  • Here's a link that will take you to the webinar via a press release.  It also provides some details of the program.
  • Here's a link to NCUA's CLF page, which contains a TON of information on the programs.

  • Here's a NAFCU Today article that gives a good overview of the programs and the webinar.

Under the CU HARP program, the CLF will provide advances to credit unions so they can in turn invest in a CU HARP note, which is a two-year note backed by the National Credit Union Share Insurance Fund. The note will provide the CLF advance rate plus a bonus of up to 1 percent over that. For the bonus, credit unions must cut mortgage rates up to 2 percent for eligible homeowners. Awards will be announced on Dec. 29, and The CLF will begin funding the program on Jan. 2. A total of $2 billion is allocated for now.  Credit unions have until tomorrow to submit their subscriptions to corporate credit unions for the Credit Union HARP,

***

FinCEN reminds magnetic media filers that you have until the end of the year to transition to E-Filing.

***

For those who can't wait, you can log into to NCUA's website to see the draft items of today's NCUA board meeting.  You can usually find the items here.

Remember: NCUA is considering the following today:

  1. Final Rule – Parts 712 and 741 of NCUA Rules and Regulations, Credit Union Service Organizations.
  2. Final Rule – Part 706 of NCUA Rules and Regulations, Unfair or Deceptive Acts or Practices.
  3. Insurance Fund Report.