Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
Next Visit: March 20-23, 2023 in conjunction with ABA GR SUMMIT
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Join NBA for a Day on the Hill in Carson City
March 7&8, 2023
email ana@nvbankers.org to sign up
Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight.
Compliance Alliance
Compliance Alliance Question of the Week
Q. Does RESPA require that we collect a cushion for escrow accounts? How large of a cushion must be collected?
A. RESPA allows you to have up to 2 months' cushion in an escrow account but doesn't *require* that you have 2 months' cushion.
"Cushion or reserve (hereafter cushion) means funds that a servicer may require a borrower to pay into an escrow account to cover unanticipated disbursements or disbursements made before the borrower's payments are available in the account, as limited by § 1024.17(c)." 12 CFR § 1024.17 https://www.consumerfinance.gov/rules-policy/regulations/1024/17/#7c9dd674f7d0217d08f86c841c3a1d971624ad52b89e42ceb2f84935
"...In addition, the servicer may add an amount to maintain a cushion no greater than one-sixth (1/6) of the estimated total annual payments from the account..." 12 CFR § 1024.17(c)(
Compliance Alliance offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Alliance demo:
Review Alliance – DID YOU KNOW?
Did you know that the right to rescind can be waived in certain circumstances?
- A “bona fide personal financial emergency” is a valid reason to waive the right of rescission on a mortgage loan.
- Lenders are required to collect a written statement describing the emergency and stating the right to waive rescission.
- This statement must be signed by anyone sharing ownership of the property.
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. . In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701or email info@bankersalliance.org and ask for our Membership Team.
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