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20160324 Record Retention, Disposal and Litigation Hold Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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It is the policy of University & Community Federal Credit Union (UCFCU) to maintain records in accordance with state and federal record keeping requirements. Each department will establish a periodic program for destroying records that are no longer needed for internal use or required by law. Records beyond their retention dates should be destroyed in the interest of space and ease of retrieval. E...ach department is responsible for records that fall under their area. Every year each department should log and dispose of all records that ready for disposal according to the record retention policy. A log should be maintained with the compliance officer of all destroyed records.View more
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20160121 Skip-A-Pay Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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University & Community Federal Credit Union (UCFCU or the Credit Union) does not encourage members to skip payments on their loans, but offers a skip-a-pay fee-based service to borrowers, which allows them to use their loan payment funds for vacations, holidays or unexpected expenses.
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20150911 Truth in Savings Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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The Truth in Savings Act (TISA) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) and is implemented by Regulation DD. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. On p...assing this law, the US Congress noted it would help promote economic stability, competition between depository institutions, and allow the consumer to make informed decisions. The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so the consumer is able to make a meaningful comparison between potential accounts. The Act is only applicable to deposit accounts held by a “natural person” for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules. The policy that follows is required to be disclosed to all members before they open a new account, therefore, it is included in the Membership Booklet. Any changes to this policy must also be made to the Membership Booklet.View more
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20150911 Troubled Debt Restructuring Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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Loans under adjustment are loans changed within normal underwriting guidelines to accommodate a member’s need, typically lowering payments and/or rates to improve the borrower’s financial position. Troubled debt restructuring (TDR) is a type of loan adjustment. In a TDR, University and Community Federal Credit Union (“UCFCU” or “the Credit Union”) grants the borrower(s) a concession that the Credi...t Union would not otherwise consider, due to economic or legal reasons relative to the borrower’s financial difficulties. This concession may either be in the form of an agreement between the borrower and the credit union, or between the borrower and court mandate. While a TDR may be in the best interest of the member (i.e., financial assistance, avoidance of foreclosure or repossession), the Credit Union will enter into a TDR when it is in the best interest of the Credit Union. To ensure that UCFCU properly recognizes and manages its TDRs, the Credit Union’s Loan department will work with the Accounting department on a TDR. The Credit Union will refer to Accounting Standards Codification (ASC) 310-40, Troubled Debt Restructurings by Creditors, which provides examples of TDRs.View more
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20150911 Servicemembers Civil Relief Act Compliance Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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University & Community Federal Credit Union (the “Credit Union”) will comply with the applicable provisions of the SCRA. The SCRA applies to various aspects of servicemember accounts with the Credit Union when the servicemember is on active duty. The Credit Union will review actions taken with respect to a servicemember’s accounts to ensure compliance with the SCRA. Servicemembers’ accounts will b...e flagged for additional management oversight before action is taken with respect to such accounts.View more
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20150911 SAFE Act Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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It is the policy of University & Community Federal Credit Union (“UCFCU” ) to comply with the interagency rules implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”). The SAFE Act requires Mortgage Loan Originators (“MLOs”) employed by federally-insured depository institutions to register with the Nationwide Mortgage Licensing System and Registry (“the Regist...ry”) and to maintain and renew their registration in that system annually during the renewal period from November 1st to December 31st of each calendar year. It is also the policy of UCFCU that only individuals properly registered are permitted to provide the services of an MLO, as defined below, and that no other individuals employed by this organization will be allowed or permitted to serve in that capacity. UCFCU will maintain adequate procedures to ensure that all employees acting in the capacity of an MLO register with the Nationwide Mortgage Licensing System and Registry (“NMLSR”) and maintain their registration.View more
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20150911 Right to Financial Privacy Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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Employees of The University & Community Federal Credit Union have a duty to protect the confidential nature of members’ financial records. Employees will not release member financial information to any source other than a credit bureau without written authorization from the member, a subpoena, summons, or warrant. The Right to Financial Privacy Act (12 USC 3401, 12 CFR 219, 29 CFR 19, 31 CFR 14) e...stablishes specific procedures for federal government authorities to follow when seeking member records. Our employees will follow the procedures contained in this policy when a federal agency requests member financial information.View more
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20150911 Real Estate Appraisal and Evaluation Policy.pdf

Employee at a Credit Union (under $250M | Southwest)
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University & Community Federal Credit Union’s Real Estate Appraisal and Evaluation Policy is written to comply with Title XI of the Financial Institutions, Reform and Recovery Enforcement Act of 1989 (FIRREA), and the Interagency Appraisal and Evaluation Guidelines published in December 2010.
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