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As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.

Here's a roundup of what's new this week: 

Flipped Houses and Second Appraisals: NAFCU Regulatory Compliance Counsel Tara Simpson breaks down guidance from the CFPB on when a mortgage for a flipped house requires a second appraisal. Simpson references a Q&A from the bureau, as well as its Appraisal Rule Small Entity Guide, to explain what’s considered a “flip” and considerations for pricing, timing, and from whom the property is being acquired.

CFPB Guide Helps Readers Parse Section 1071 Final Rule: The CFPB recently issued a Small Entity Compliance Guide for implementation of its section 1071 final rule related to small business lending data collection. NAFCU Regulatory Affairs Counsel Dale Baker provides credit unions with insights into covered financial institutions and credit transactions, the bureau’s definition of a “small business,” application procedures, and demographic information and other reportable data points. He notes “there are 20 reportable section 1071 data points, and many of those data points require that covered financial institutions also report second-level application data.” While the guide provides helpful examples, credit unions can submit questions directly to the CFPB or NAFCU’s Compliance Team.

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