CU HARP/SIP; BSA Reminder; NCUA Board Meeting
Posted by Anthony Demangone
On Tuesday, NCUAÂ gave a webinar to cover details of the CU HARP and CU SIP programs.Â
- Here's a link that will take you to the webinar via a press release. It also provides some details of the program.
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Here's a link to NCUA's CLF page, which contains a TON of information on the programs.
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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,
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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:
- Final Rule â Parts 712 and 741 of NCUA Rules and Regulations, Credit Union Service Organizations.
- Final Rule â Part 706 of NCUA Rules and Regulations, Unfair or Deceptive Acts or Practices.
- Insurance Fund Report.