Compliance Update with Amy K
by Amy Kleinschmit
Chief Compliance Officer
6/20/2019

Comments Needed by July 1st

The Appraisal Subcommittee published for comment the request for temporary waiver of appraiser certification or licensing requirements pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act in North Dakota. This request was originally submitted on August 1, 2018, by Governor Doug Burgum, State of North Dakota, the North Dakota Department of Financial Institutions, and the North Dakota Bankers Association, with additional information submitted in April of this year.

Specifically, this request seeks a waiver for appraiser credentialing requirements for appraisals for federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years. To clarify – this waiver only relates to the licensing requirements, an appraisal would still be needed.

The Appraisal Subcommittee is seeking comments on all aspects of the received request, including submission of written data, views and arguments. If your credit union has experienced delays in obtaining appraisals please consider commenting and telling your story. Comments are due July 1.

If you need help writing a letter, I have prepared a template for your use. Request a copy by email at akleinschmit@cuad.coop or call me at 800.279.6328 ext 964.

The notice for comment can be found here - https://www.regulations.gov/document?D=ASC-2019-0004-0001 and the ND DFI’s request and additional information can all be found here - https://www.nd.gov/dfi/

 

Home Buying Process Explained

The National Credit Union Administration (NCUA) created a new video – Understanding the Basics of Obtaining a Home Mortgage, to help guide potential homebuyers through the steps of shopping for the right mortgage loan and what to expect during the home buying process.

A number of other consumer resources relating to home ownership can be found on the NCUA’s consumer website – MyCreditUnion.gov, under “Life Events.”

 

Compliance Resource - CU Policy Pro.

CU PolicyPro is an online policy management system with more than 200 model policy templates that can be easily edited to reflect your individual credit union’s specific operations. CU PolicyPro is already available to all CUAD affiliated credit unions as a dues supported service. These model policy templates have been developed and written especially for credit unions by legal and financial regulatory experts. The model policies are regularly reviewed and updated to keep up with the many regulatory changes. CU PolicyPro can help your credit union manage today’s ongoing compliance and operational challenges.

Access your policy manual here: https://policypro.leagueinfosight.com/members.php

Need Help? If you have never explored your CU PolicyPro manual or have questions, contact Amy Kleinschmit today for a FREE one-on-one introduction to CU PolicyPro where she will help you navigate the system and answer any questions you may have.

 

Compliance Solution

Through the Credit Union Association of the Dakotas' partnership with AffirmX, we are pleased to present a full suite of compliance solutions for credit unions in the Dakotas. These tools have been designed to help your credit union reduce workloads, anxieties and costs. 

AffirmX was originally established to help financial institutions stay on top of consumer regulatory compliance requirements. Traditional “boots on the ground” models of consulting are costly both in terms of utilization of company resources and the time and billing rate of senior consultants and their associated expenses. To solve this problem, AffirmX leverages the latest in cloud-based technology to connect you with a team of experts and deliver a more robust compliance solution.

AffirmX has developed a package of basic compliance audits and risk intelligence support services. The package includes up to four audits, each of which is critical to a healthy compliance program:

  • BSA Independent Audit
  • Annual ACH Independent Audit
  • Annual SAFE Act Independent Audit
  • Website Compliance Review

In addition to receiving these four critical audits annually, the package includes a host of other services, including dashboard-delivered self-review templates with scheduled reminders and a subscription to AffirmX Compliance Reporter, Risk Inbox Plus and Risk Watch Central.

It is important to note, that the entire platform can be easily customizable to meet the needs of your credit union. Audits can be bundled or unbundled as needed. Contact Amy Kleinschmit today for a demo, pricing and questions on any of these solutions.

 

 

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