CU PolicyPro Updates are Now Available

The CFPB issued their annual amendments to threshold changes for both the Home Mortgage Disclosure Act (HMDA) and the asset size limit under Regulation Z that impacts the escrow requirement exemption for Higher-Priced Mortgage Loans (HPMLs). 

These were issued after we released our last update.  While we don’t have the escrow limit in policy, we did adjust the HMDA limit in Policy 9200 in this update.

The NCUA also made some changes related to their Flood Insurance rules (Part 760), which become effective on July 1, 2019.  We have updated both policy 7330 and 7420 to comply with these changes.

Last, but not least, a new policy was added related to the new rules within Regulation E (and Regulation Z) which were effective on April 1, 2019, for prepaid accounts.  Policy 2616: Prepaid Accounts was added to assist credit unions offering these types of products and to provide further compliance assistance.

We are pleased to announce the April 2019 content updates for the CU PolicyPro Manual - Update Version 2019.1. This update includes 6 policy updates and a new policy (Prepaid Accounts). A full listing of the updated policies can be found in the "Update Overview" document. 

The tracked changes version of each update can be found in the Resources Area of CU PolicyPro (under the “Updates” tab). It is important to note that when updates are made to the Model Policies Manual, these updates do not automatically go into your CU Policies, Manual. We do not want to take the chance of overwriting your content or putting in content that may not apply to your credit union.