...The Real Estate Settlement Procedures Act (RESPA) will be the topic of a June 19 audio session delivered in cooperation with the Illinois Credit Union League from 11 a.m.-Noon (ET). Although still in the proposal stage, the session will explore the huge undertaking of combining of the RESPA Good Faith Estimate, the Advance Truth in Lending Disclosure and the HUD Settlement Statement, with a new Final Truth in Lending Disclosure that will require changes to loan forms, data processing systems and procedures. In addition, other contemplated changes include responding to consumer inquiries regarding servicing and escrow accounts, new tolerance levels for estimates, changes in the definition of a business day, and so much more. The session will begin to familiarize credit unions with the areas where changes are likely to occur so that the planning process can begin. The audio session is priced at $129 per connection. For additional details or to register, click here.
...On June 27 the Illinois Credit Union League will offer an audio session from 11 a.m.-Noon (ET) on Handling Suspect International ACH Transactions (IATs). The IAT application was introduced into the ACH Network in September 2009. According to NACHA, approximately 30 million IAT transactions were processed in 2012 and even more are expected in the future. This session provides an overview of the rules surrounding IAT and highlights responsibilities in the processing of IAT entries, including OFAC compliance obligations. Registration is $129 per connection. More information and online registration is available here.