Prototypes For Mortgage Disclosures Wins Praise
WASHINGTON-The Consumer Financial Protection Bureau's prototypes for a single mortgage disclosure form won praise from industry groups last week for their streamlined format, as well as the unorthodox way they are being developed. Under the Dodd-Frank Act, the CFPB does not have to issue a final version of the form until July 2012, but the bureau has already invited industry reps, banks and consumer advocates to weigh in on the model forms, which will be tested on focus groups and then revised before the formal rulemaking process even begins, according to American Banker, an affiliate of Credit Union Journal.
Industry observers said the two prototypes released last week are a good first step toward merging the disclosure forms required under TIL and RESPA. Each form has a slightly different design, but both would break down the mortgage offer to highlight key terms, and would caution borrowers about certain terms and include a section to help consumers compare the offer with other loans.
Youth Savings Challenge Nets $28M In Deposits
MADISON, Wis.-CUNA reported last week that the National Youth Saving Challenge attracted more than $28 million in deposits from children in April. As a result, total deposits via the Youth Saving Challenge since launch in 2004 have now surpassed the $100 million milestone, with $117,628,671 in total deposits.
The annual promotion is held conjunction with National Credit Union Youth Week, with participating CUs focusing on getting children, teens and their parents to open or add to savings accounts and to develop good savings habits.
CUNA said 305 CUs participated in 2011, for total deposits of $29.5 million made by 146,000 kids, of which 9,058 were new accounts. The average amount deposited per child was $196.
NCUA Liquidates Hmong American FCU
ST. PAUL, Minn.-NCUA has liquidated the $2.7-million Hmong American FCU here, after earlier placing it in conservatorship. The agency said it made the move to discontinue its operation after determining the credit union is insolvent and has no prospects for restoring viable operations. HAFCU is the eighth credit union to close in 2010.
Assistant Manager Is Indicted
LANSING, Mich.-Marcie Graham, 30, has been indicted on federal embezzlement charges related to her employment as an assistant branch manager of Case Credit Union.
The indictment alleges that Graham embezzled approximately $236,000 between December 2008 and October 2010. Graham faces a maximum penalty of 30 years' incarceration, restitution, and/or a $250,000 fine. The investigation was led by the FBI.
Evergreen CU's Johnson To Retire
NEENAH, Wis.-Evergreen Credit Union President Sherry Johnson said she will retire June 20, after 27 years at the credit union. Johnson joined Evergreen CU in 1984 when it was still known as Wisconsin Tissue Employees Credit Union. The credit union has named Mike Brandt, currently VP-lending, to succeed Johnson as CEO.
EdAccess Private Student Loan Added
CLARK, N.J.--CU Student Lending, LLC, a CUSO that developed and manages the cuStudentLoans private student loan program, has launched its 2011 EdAccess Private Student Loan, which features zero origination fees to the borrower. The new loan product will be available to all qualified student borrowers for the 2011-2012 academic year.
More than 100 CUs currently participate with the cuStudentLoans program.
Robber May Be Repeat Offender
GAINESVILLE, Fla.-Apparently you can return to the scene of the crime.
Police believe a man who robbed a branch of Campus USA Credit Union here last week also robbed the same location on March 29.
Police responded to a robbery alarm after the lone suspect entered the credit union, approached a teller and demanded money. He did not display or imply a weapon.
Surveillance photos show clear pictures of the suspect, who made no attempt to disguise himself or his vehicle.