NCUA Releases Legal Opinions
ALEXANDRIA, Va.–NCUA has released a number of new legal opinions in response to credit union inquires. Among them:
* Real Estate Proposals: NCUA said its rules do not require a credit union to have a checklist or narrative to document its review of an appraisal (12 C.F.R. Part 722). Still, it recommends the practice in its guidance on independent appraisal and evaluation functions.
* Records Retention. NCUA said a federal credit union may preserve original loan documents for outstanding loans to members, in an electronic format instead of a paper format. “The Electronic Signatures in Global and National Commerce (E-Sign) Act established a general rule of validity for electronic records and signatures for transactions, effective Oct. 1, 2000, with records retention requirements effective March 1, 2001,” the agency said. Credit unions were referred to Part 749 of its rules and regulations on records preservation.
Harvard Biz School Hosts CUES
CAMBRIDGE, Mass.–Harvard Business School (HBS) will once again host the Credit Union Executives Society’s (CUES) Advanced Leadership Institute, July 20-25, 2008, in Boston. Offered in partnership with the California/Nevada Credit Union League, and available to CCUL members at the CUES member rate, the five-day program explores leadership topics.
For info: cues.org.
LCUL Launches Revamped Site
HARAHAN, La.–The Louisiana Credit Union League (LCUL) has launched a new website that it says provides visitors with improvements in navigation, uniformity, appearance and accessibility. The league partnered with CUVillage.com in designing the site, which now includes drop-down menus to make the site more user-friendly. The LCUL said there is also easier access to cooperative branching, education, training, governmental affairs, regulatory compliance, news & publications, products and services.
For info: www.lcull.com
GARDNER, Mass.–GFA Federal Credit Union has been approved by the Mass Housing Agency as an MHA Lender. GFA has partnered with MHA to provide a range of mortgage products and services for low- and moderate-income homebuyers and homeowners in Massachusetts. Through MHA, GFA will offer mortgage programs designed to create affordable home ownership. With eligibility limitations, the MHA programs are targeted to assist underserved consumers in their goal of homeownership. Features of these programs include low down payments, affordable mortgage insurance, and competitive rates.
