Not too early to prepare for TILA/RESPA

first_imgAs fall approaches, we here in NAFCU’s regulatory compliance division are preparing for our Regulatory Compliance Seminar in Baltimore. In just a short few months – beginning Oct. 14 – we’ll be meeting to discuss compliance hot topics, regulatory updates and proposed regulations on the horizon. But we’re doing some long-term planning too – because as of this month, we have one year left before the implementation date of the Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) integrated mortgage disclosures final rule, scheduled for Aug. 1, 2015.Nearly 2,000 pages in length, the TILA/RESPA rule will significantly impact mortgage departments at credit unions around the country. NAFCU’s compliance team has been working diligently to help credit unions get a head start tackling this rule through a number of avenues, including our Compliance Monitor (NAFCU log-in required) and Compliance Blog (open to the public). We will also be going into far greater detail on the subject matter at the Regulatory Compliance Seminar, but in the meantime, here’s a quick look at the scope of the final rule.The new disclosure rule applies to nearly all closed-end mortgage loans – regardless of your credit union’s asset size or pricing of the mortgage (for example, higher-priced mortgage loans). Closed-end mortgage loans are consumer credit transactions secured by real property and include transactions such as purchases, refinances and loans for second homes or vacation homes. The disclosure rule also applies to construction-only loans, loans secured by vacant land and loans secured by 25 acres or more. Currently, those last three types of loans are not within the scope of RESPA but are subject to the new TILA/RESPA rule, so this will be a change that credit unions will need to adopt in their policies and procedures. Because there is no small creditor exemption under this rule, all credit unions who originate closed-end mortgage loans must comply with these new mortgage disclosure regulations. However, there are a few types of mortgage loans that won’t require the new disclosure form, including: home-equity lines of credit (HELOCs); reverse mortgages; mortgages secured by a dwelling not attached by real property (like mobile homes); and mortgage loans made by people not considered “creditors” under Regulation Z.It’s a lot to keep track of, but one of the issues facing credit union compliance teams is that they can’t get a head start: the rule does not allow for early compliance. That means you can only start using the new disclosure forms for applications received on or after Aug. 1, 2015; in fact, early use of the new disclosures would constitute violation of the current TILA and RESPA rules. So the timing here is tricky.But here’s the good news: if you attend our Regulatory Compliance Seminar, you’ll get to hear the most important information about the integrated-disclosures rule from a speaker who led the final rulemaking process for the rule at CFPB. Richard Horn is now a partner at Dentons US LLP, but he previously served as senior counsel and special advisor in the Office of Regulations at the bureau. In addition to leading the rulemaking process, he led the design and qualitative and quantitative consumer testing of the TILA/RESPA integrated disclosures.Horn will discuss not only how the rule will overhaul the procedures for mortgage origination, but also where your credit union should be on the road to implementation and what challenges may lie ahead in the coming months. He’ll help your compliance staff think about how best to finalize your credit union’s road map to the rule’s effective date next year.Horn will join a roster of speakers, among them: members of NAFCU’s regulatory compliance staff; NAFCU’s former vice president of regulatory compliance, Steve Van Beek; Transportation Federal Credit Union Compliance Officer Rusty Vellek; and NCUA Director of Examination and Insurance Larry Fazio. And with any free time you may have between sessions and networking opportunities, you’ll find it’s a quick trip from the Renaissance Baltimore Harborplace Hotel to the National Aquarium in the Inner Harbor, or to historic Fort McHenry.Our team is looking forward to checking in with you at the seminar and seeing how we can help you prepare for the integrated-disclosure rule and all of the other compliance challenges presenting themselves this year. Hope to see you there! 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,JiJi Bahhur JiJi Bahhur, Esq., NCCO was named director of compliance in October 2013. Bahhur heads NAFCU’s multi-faceted compliance assistance program, which provides direct assistance to member credit unions, blog postings, … Web: www.nafcu.org Detailslast_img read more

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Are consumers ready for biometrics?

first_imgIf Apple’s experiment with Touch ID is any indication, the answer to the above question may be a resounding yes. With the company’s increasing reliance on its Touch ID fingerprint authentication feature, iPhone users find themselves on the front edge of mainstream biometrics. And most are welcoming the feature. Why? Largely because it has made life just a little bit easier for iPhone users.While those of us in the security profession would like to think it was the increased safekeeping of their personal data and information that has intrigued iPhone fans, we know most people are just as excited about speed and simplicity as they are about security. One recent survey, for example, found only 28 percent of respondents are very concerned with the privacy and security of their phones or mobile devices.There are also those early adopters who are attracted to anything new or interesting, simply because it’s new and interesting. These are the individuals with the influence to take an innovation from cult trend to mainstream market position. They are the leading-edge consumers who will become increasingly important for FIs, as many of them represent the future of banked consumers.Touch ID began as an alternative to the iPhone’s traditional PIN access and has since evolved into a payments authentication feature inside Apple Pay, the iPhone’s digital wallet. The technology enables fingerprint scanning with a microscopic camera capable of capturing and comparing high-resolution images to saved profiles. Unlike other fingerprint-scanning devices, the iPhone identifies the fingertip print, which is more difficult to lift and fake as a means for unauthorized entry into a device.Fingerprints, however, only scratch the surface of the biometrics evolution. I explore the topic much further in the white paper, “Biometrics in the Payments Space.” It’s one of four newly updated white papers in TMG’s Fraud White Paper Series.For more information see “The Evolving Fraud Landscape” from TMG. 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Nicole Reyes Nichole has two main duties – back up for creating, managing Falcon system strategies; research, detect, mitigate fraud trends. Second duty is managing and promoting the Fraud & Risk Analysis- … Web: www.themembersgroup.com Detailslast_img read more

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Gophers add one more to already long list of honors

first_img“There are no all-stars on this team,” Wilson said. “We’ve just six or seven kids that can really pack it in.”Men place secondThe Minnesota men’s cross country team went to nine consecutive NCAA national meets before failing to qualify last season.Saturday in Peoria, the 15th-ranked Gophers made sure that didn’t happen again.Minnesota finished second behind Oklahoma State 47-57 in the 10-kilometer race, earning an automatic bid for the NCAAs.The Gophers will make their 10th NCAA Championships appearance in 11 years next Monday in Terre Haute.“It feels good; as it gets closer, it brings back memories of last year,” coach Steve Plasencia said. “For those who have been around since then, we’ve had a bad taste in our mouths.”Gophers freshman Hassan Mead took second in the race, finishing in 29 minutes, 57 seconds. He finished just one second behind Illinois Trent Hoerr.Senior Chris Rombough took fourth at 30:08. The Gophers’ two top finishers, along with seniors Forrest Tahdooanippah and Justin Grunewald and redshirt freshman Mike McFarland all earned spots on the All-Midwest Regional team.With the solid performance, Plasencia said he’s pleased with where his team ended up.“I have no complaints whatsoever,” he said. “We looked at the race before and thought four in the top 17 would be good. We got four in the top 16.”As for finishing second and earning that automatic berth in the NCAA Championships, Plasencia said it’s nice not having to deal with hoping for an at-large selection.“It’s good to go in the front door,” he said. “It’d be nice to win the regional, but in some respects it doesn’t matter.” Gophers add one more to already long list of honorsThe women took home their first Midwest Regional Championship in school history. Mark RemmeNovember 12, 2007Jump to CommentsShare on FacebookShare on TwitterShare via EmailPrintA betting man might tell you that a “sure thing” is pretty hard to come by, but the Minnesota women’s cross country team is making a strong case otherwise.The sixth-ranked Gophers have done nothing but win when it mattered most all season.No Roy Griak Invitation title since 2000? Not anymore. Never won a Big Ten crown? A thing of the past.And now, for the first time in school history, Minnesota took home a NCAA Midwest Regional championship Saturday in Peoria, Ill.The Gophers nipped conference rival Illinois 79-91 in the 6-kilometer race. Iowa finished third with 111 points.This Minnesota squad will go down in school history as perhaps the finest Gophers team in history based on the accolades they’ve accomplished in 2007.“We set our goals pretty high,” sophomore Jamie Cheever said. “Everything’s coming together.”That it is. The Gophers are taking strong confidence into Terre Haute, Ind., next Monday for the NCAA Championships.They’ll bring a team that’s won seven team titles already this year. Cheever said she thinks if the team stays healthy, they could finish in the top five.Earning a trophy at nationals is the last of Minnesota’s team goals heading into the year. While it’s certainly within reach, coach Gary Wilson remains realistic.Throughout the year, Wilson has maintained that on any given day when the top teams in the country compete, the top 15 teams have a shot at winning it all.He said his squad will need to stay together and not get separated in order to finish strong at nationals, a meet where his team certainly would want to end a magical season off right.Wilson said this year’s results are due to a well-disciplined group that doesn’t stand out. They just produce.last_img read more

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Women may be at higher risk for sports-related concussion than men

first_imgShare Share on Twitter Pinterest Email LinkedIncenter_img Share on Facebook Women athletes are 50 percent more likely than male athletes to have a sports-related concussion, according to a preliminary study released today that will be presented at the American Academy of Neurology’s 69th Annual Meeting in Boston, April 22 to 28, 2017.“Sports-related concussion is a significant public health problem and research has typically focused on male athletes,” said author James Noble, MD, of Columbia University in New York, N.Y., and a member of the American Academy of Neurology. “Studies comparing male and female college athletes have often been limited in size and had incomplete follow-ups.”This study looked at 1,203 athletes from 2000-2014 at Columbia University and included 822 men and 381 women who participated in sports like soccer, basketball and football. Participants took tests to measure thinking skills and processing speed before and after a concussion. The researchers also tracked symptoms and when participants returned to play after a concussion. A total of 228 athletes in the study suffered at least one concussion during their college career, 88 women, or 23 percent, and 140 men, or 17 percent. Women were 50 percent more likely to have a concussion than men. Athletes who had suffered a previous concussion were three times more likely to have another concussion as those who had never had a concussion. In the gender comparable sports of soccer and basketball, women were more likely to have had a concussion.“It is unclear why women appear to be at higher risk for sports-related concussions than men,” said Noble. “The findings from this study highlight the need for more research on the gender differences in concussion.”While women appear to be more susceptible to concussions, the study indicates they recover from the injury just as quickly as men. The average return-to-play time was 10 days for both men and women.Men and women had similar symptoms following a concussion, except when it came to amnesia and insomnia. The study found 44 percent of men experienced amnesia versus 31 percent of women. It also found 42 percent of women had insomnia compared with 29 percent of men.last_img read more

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H1N1 NEWS SCAN: Business response, voice against conspiracy theorists, CT findings, H1N1 strains in pigs

first_imgJun 23, 2010Most businesses took steps to protect workersMost US employees say their companies took steps to protect them from illness during the H1N1 pandemic, such as providing hand-hygiene solutions (81%), encouraging ill employees to stay home (80%), providing information on stopping flu spread (77%), and promoting vaccination (60%). About 42% said employers created backup plans to cover workload, and the same percent reported expanded leave policies. The poll by the Harvard School of Public Health (HSPH) was conducted Apr 21 to May 13.http://www.hsph.harvard.edu/news/press-releases/files/h1n1-employee-topline-6.22.10.docJun 22 HSPH poll resultsNature editors take pandemic conspiracy theorists to taskSaying, “The council should think twice,” the editors of Nature today advised the Council of Europe’s parliamentary assembly against voting this week to express alarm over the World Health Organization’s (WHO’s) pandemic response. The journal said it has “heard many objections to the conclusions of the report on which the resolution is based.” The editorial lauded transparency but said it would have been unwise to exclude from the H1N1 response all experts with ties to drug firms.http://dx.doi.org/10.1038/465985aJun 24 Nature editorialCT findings may help diagnose severe H1N1Researchers found that high-resolution CT (HRCT) findings can help diagnose severe cases of pandemic flu. Of 106 H1N1 patients, 29 (27%) had multifocal asymmetric ground-glass opacities alone on plain CT, but the finding was much more common in those who required mechanical ventilation compared with those who didn’t (63% vs 20%). On HRCT, the ground-glass opacities had a distinctive distribution that could aid early diagnosis of severe infection.http://dx.doi.org/10.1016/j.ejrad.2010.05.029?rssJun 20 Eur J Radiol abstractPCR method detects pandemic-origin viruses in pigsIn a study in Clinical Chemistry, researchers found that a method using polymerase chain reaction (PCR) can detect reintroductions of the pandemic H1N1 virus in pigs. Their test detected all 10 viruses of pandemic H1N1 origin among 48 swine influenza strains isolated from an ongoing surveillance program. The authors concluded, “These assays might be useful screening tools for identifying viral reassortants derived from pandemic H1N1/2009 or its precursors.”http://www.clinchem.org/cgi/content/abstract/clinchem.2010.149179v1Jun 21  Clin Chem abstractlast_img read more

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Fr. Glenn: The Freedom Of Truth

first_imgBy Fr. Glenn JonesIs anyone—everyone—confused? Perhaps more than we think. With the onslaught of conflicting information concerning the various candidates in the upcoming election, it’s hard not to be. We find ourselves continuously having to ask: “Is this … or is it that … report which is correct; they are claiming essentially opposite things. Did this thing even really happen … and as they say it happened? Did he or she really do what is alleged?Sigh. For those who want to be truly informed and not simply vote for the “correct” letter by a name, it can be a jungle out there. But, unfortunately, politics has always been that way. One reads in the history of the Roman republic of the same (even worse) jockeying for position of candidates for the ruling consuls’ seats, with all sorts of accusations, misinformation and mud thrown around. The same has certainly occurred in this nation throughout its history as well … as we older who have seen many elections well know. After all, scriptwriters of even the old classic “Mr. Smith Goes to Washington” didn’t get their plot from thin air or wild imagination.Where power exists, it will be pursued at least some (most?) of the time with selfish purpose—whether in national governments, businesses, churches or wherever; that is simply a tragic reality of our human condition. Founders of organizations often have the best motives and purpose, but they eventually pass them on to others who may not; it is quite difficult to discern hearts’ intentions, regardless of outward claims or past record. Not infrequently people will present a helpful and loyal Dr. Jekyll mien while in lower ranks, then transform into Mr. Hyde when attaining higher position. Or, like Judas Iscariot, even betray their own benefactors and former mentors for material gain.Wealth and fame, power and authority are strong attractors for our species, and in pursuit of those, truth, integrity and unselfish purpose are all-too-often discarded when the former are achieved. In the choice of government officials such is particularly detrimental, however, because their pursuit of self is to the hurt of those who govern—embezzled funds from taxes, bribes, shady deals, etc. And thus of information is vital for the greater good of the many when it comes to choosing those who govern. How can voters possibly make good decisions without truth? Misinformation is simply an attempt at coercion using false pretenses. One cannot help but want to question the misinformer: “If you are confident and seek the common good by your position, then why do you misinform?” And, of course, those who spread misinformation may themselves be misinformed, and thus the snowball rolls farther down the hill and picks up speed and mass. Jesus tells a parable of two brothers: one who tells his father that he will obey but does not, and the other who says he will not obey and yet repents and does so. Despite the second son’s initial impertinence, Jesus says it is he who actually does the will of his father.All too often, though, poorly chosen (often because of misinformation) officials are like the first son—mouthing the right words to voters simply to get elected, but afterward acting quite oppositely for selfish purpose. This, of course, is terribly frustrating to those who put their trust in them, and in the various sources of information upon which they based their decision that they theretofore had considered trustworthy. Voters are most often sincere and desire the best for all the governed, and conscience would not allow most a moment’s peace should they have acted otherwise; thus, they are mystified when betrayed and cannot imagine how deceitful persons can “live with themselves”. But, alas, the deceitful can and do … and often without apparent qualms or remorse. So the sincere have to always be alert to that sad reality, remembering Jesus’ own warning: “I send you out as sheep in the midst of wolves; so be wise as serpents and innocent as doves.” (Matthew 10:16), and for us to remember that: “He who is faithful in a very little is faithful also in much; and he who is dishonest in a very little is dishonest also in much.” (Luke 16:10) How wonderful it would be if we could simply trust, and that those who govern—and those who inform—were unfailingly trust-worthy, carrying the burden of governance with honor. Well … we may not be able to change the world, but we can certainly mold ourselves, becoming the persons which WE long to associate with: trustworthy, self-giving, honest in all circumstances. After all, we remember Jesus:  “…whatever you have said in the dark shall be heard in the light, and what you have whispered in private rooms shall be proclaimed upon the housetops” (Luke 12:3), and in John’s Revelation: “Behold, I am coming soon, bringing my recompense, to repay every one for what he has done.” (Revelation 22:12)  Rather than dread that day, live as to look for it with anxious anticipation and so as to be received into the Heavenly habitations with the words ringing in our ears: “Well done, good and faithful servant; you have been faithful over a little…enter into the joy of your master.” (Matthew 25:23)Pilate said to [Jesus], ‘What is truth?’” (John 18:37-38)“Jesus said… ‘I am the way, and the truth, and the life…’” (John 14:6)Rev. Glenn Jones is the Vicar General of the Archdiocese of Santa Fe and former pastor of Immaculate Heart of Mary Catholic Church in Los Alamos.last_img read more

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Kajima secures Skinner to lead Irish expansion

first_imgThe company was recently awarded a £40m contract to develop a new primary and community care centre in Lisburn and alongside the hire, Kajima said it is seeking to “broadly increase its work across the Irish market”, with a focus on integrated primary and social care units and higher education facilities.Skinner will be leading on new development activities across Ireland and has more than 35 years’ experience in public private investment and consultancy.He has been involved in Irish market for over three decades and recently spent two years as an SPV general manager for the construction and operational rollout of 14 new Primary Care Centres throughout Ireland and five years as SPV project director for DBFO 1’s Westlink project in Belfast. He started his career with 15 years at major engineering consulting giant Atkins in the 1980s, including two years working on the new Foyle Port in Derry/Londonderry Northern Ireland.Kirk Taylor, Kajima’s head of development, said: “We are delighted that Nigel has joined the team. Ireland is an increasingly attractive market, with many exciting projects for us to bid for and having such a first-rate investment delivery professional leading our Irish operations will significantly enhance our prospects of success.”last_img read more

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Electronic offerings price increase

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

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Carbon2Chem creates ammonia from steel mill gases

first_imgSubscribe Get instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270.last_img

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