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What in the world is a #Hashtag

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Joe Winn What do you get when you mix auto loan programs with a desire to help others? Well, approaches that make a difference, of course. So what do you get when … Web: credituniongeek.com Details My parents still don’t understand the concept of a hashtag. If you’re reading this article, it’s possible you don’t, either. That’s ok, since I believe a lot of people are in the dark, yet feel if they asked, people would think them Luddites.Hashtags, written like #this, have only loose historical comparison (if you think of one, please comment below!). On one side, they are catchphrases akin to what you’d see on protest signage or hear repeated at a rally. “Black Lives Matter” or “Yes We Can” are contemporary examples. Upon hearing or reading those phrases, you know exactly the issues being discussed. Those using them become virtual participants in a local, regional, or global exchange.The other side of hashtags is what technology brings. On numerous social media services, from Instagram or Twitter to Snapchat or Facebook, you can add a “tag” to any post. In essence, that means you’re writing a phrase or word with the hash character attached (Ex. #myhashtagexample). It has no spaces, even if there are separate words. Here’s the cool part. When used on compatible services, they become links automatically. If you or anyone else clicks that link, they are brought to a page showing everyone else’s posts using that same hashtag phrase. Nowadays, these pages refresh real-time, meaning, new entries appear as they are written.This special page with everyone’s “tagged” posts (or pictures, videos, links, etc.) can be bookmarked (it’s called a Saved Search) for later access or followed by others with a shared interest. Ever notice the little hashtag at the bottom corner of TV shows or news segments? I remember for the show 24, the tag was #JackIsBack. Breaking news stories may have #electionday14 or similar. If enough people use the tag in a region or within a timeframe, it can be considered a “Trending Topic”. This means the social media sites will further spread it to others to show the “heartbeat” of society at that very moment.Credit Unions use them as well! I’ve been seeing one institution (Affinity FCU, no affiliation) promote a campaign comparing big banks to “Fat Cats”. They make sure to write #FatCatFree on every tweet, image, or video shared to unify them together into a single promotion.For this blog, every post relating to a new entry or just something I feel would be of interest to readers is tagged with #cugeek. Search #cugeek on Twitter and you’ll easily pull up each related post, past, present, and future, as they arrive.Technology can sometimes be overwhelming. Hashtags came into mainstream use so quickly I worry many people didn’t have a chance to understand what they were seeing. I hope this entry helps make sense of this new phenomenon. #hashtagthisyoungpeoplelast_img read more

Forced-placement requirements for flood insurance

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr As part of a recent appropriations bill, Congress extended the National Flood Insurance Program (NFIP) to September 30, 2020! The National Flood Insurance Act of 1968 (NFIA), as amended and implemented by Part 760 of NCUA’s regulations, generally requires that credit unions escrow premiums and fees for flood insurance when making, increasing, extending or renewing loans secured by residential improved real estate or mobile homes, unless the credit union or a loan qualifies for a statutory exception. Credit unions must also force-place insurance in certain circumstances, and the Office of the Comptroller of the Currency’s (OCC’s) recent $18 million consent order with Citibank, NA is an indication that regulators still take these rules very seriously. While we do not anticipate a wave of enforcement in this area, this may be a good opportunity to review your credit union’s policies and procedures for force-placing flood insurance. Let’s dive into the requirements.While there is no requirement to retroactively review its loan portfolio, if a credit union  determines at any time that a designated loan is not sufficiently insured, section 760.7 requires the credit union to force-place insurance at the borrower’s expense in an amount equal to that required under section 760.3. Prior to force-placing flood insurance, a credit union is required to provide a specific notice to the borrower. The regulation does not provide any model forms or specific language for this notice, only requiring that it inform the borrower that the borrower should obtain flood insurance for the remaining term of the loan and that the amount of coverage be equal to the lesser of the outstanding principal balance of the loan, or the maximum limit of coverage available under the NFIP.If the borrower fails to obtain flood insurance within 45 days of this notice, then the credit union is required to obtain flood insurance on any properties securing a designated loan by the 46th day after the notification. A credit union may comply with the force-placement requirement by purchasing an NFIP Standard Flood Insurance Policy or an appropriate private flood insurance policy in the amount required. Although this advanced notice requirement is similar to the 45 day advanced notice requirement under section 1024.37(c)(1)(i) of Regulation X’s mortgage servicing rules, there is no requirement to provide a reminder notice 15 days prior to force-placing insurance. The bureau clarified in its mortgage servicing final rule that flood insurance that is force-placed under the Flood Disaster Protection Act of 1973 is not covered under the definition of “force-placed insurance” from section 1024.37(a)(2) of Regulation X. continue reading »last_img read more