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          Consumer Choice Center Calls                           CFPB Updates Servicing Rule

          for End to CU Tax Exemption                            Compliance Resources

          In  an  op-ed in  the Charlotte  Observer,  Yael  Ossowski,   The Consumer Financial Protection Bureau has updated its
          deputy director of the Consumer Choice Center, a D.C.-area   executive summary of the 2016 mortgage servicing final rule
          consumer advocacy group, called on the Trump administration   and compliance guide for small entities to reflect technical
          and Congress to take steps to eliminate the credit union tax   changes made earlier this month.
          exemption as part of the broader plan to reform the U.S. tax   To view the executive summary visit: https://
          “During the Great Depression, Congress exempted credit   documents/08042016_cfpb_Mortgage_Servicing_Executive_
          unions from taxes in the hopes that encouraging customer-  Summary.pdf
          owned  neighborhood  savings  and  loan  clubs  would  replace   To view the small entity compliance guide visit:
          failed banks in underserved areas,” Ossowski wrote. “Back then,
          it made sense to allow credit unions to operate as nonprofits.   documents/201611_cfpb_Mortserv_guide_v3.pdf
          Now, it’s beyond time to end it.”
          He added that “while banks are slapped with an average tax   Regulators Issue Key HMDA
          rate of nearly 30 percent, credit unions aren’t taxed a dime on   Data Fields
          the money they make,” which has created an unlevel laying
          field for banks. “The banking industry that is the lifeblood of   The federal regulatory agencies have identified designated
          the North Carolina economy gets stuck with massive tax bills   key data fields that examiners will use to test and validate the
          while credit unions are showered with corporate welfare. That   accuracy of data collected under the new Home Mortgage
          comes courtesy of Congress and American taxpayers. There is   Disclosure Act requirements, which take effect in 2018. In
          no reason these monster financial institutions should enjoy the   response to industry concerns about the burden imposed by
          same tax-free status as soup kitchens, Goodwill and disaster   HMDA data reporting, the agencies designated 37 of 110 data
          relief charities.”

          To read the op-ed visit:

          Agencies Issue FAQs on

          Liquidity Coverage Ratio                                   When you need experience now!

          The federal banking agencies have published a set of frequently
          asked questions about the Liquidity Coverage Ratio, which   We Can Help Your Financial Insstuson With...
          requires banks to hold highly liquid assets relative to cash
          outflows over a 30-day period during a stressed scenario.

          The FAQs address outflow amounts for liquidity facilities
          to public sector entities in connection with variable rate
          demand note programs; outflow amounts for trusts; maturity
          determination for instruments with remote contingency call   Vendor Contract   Payment System   On-Demand
          options; outflow amounts for trust ledger deposit accounts and   Negotiations  Options       CIO Services
          custody  assets;  treatment  of  multicurrency  deposit  balances;
          inflows from secured loans to retail clients with open maturities;
          securities lending as a form of evidence of ability to monetize;
          and treatment of foreign withdrawable reserves.
          To view the FAQ’s visit:           Technology      Core Application
          financial/2017/fil17053a.pdf                                        Planning           Review


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