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MFOEL Championed by CUNA and CUNA Mutual

CUNA staff and representatives from CUNA Mutual attended a meeting held last week by the CFPB to discuss concerns relating to Multi-Featured Open-End Lending (MFOEL). Discussions with CFPB staff reiterated that there remains a large amount of confusion among both credit unions and examiners with respect to changes that were made to Regulation Z in a final rule published in January, 2009, for which compliance became mandatory on July 1, 2010. CUNA and CUNA Mutual are urging the CFPB to assist in further clarifying certain aspects of the final rule and the operational impact affecting credit unions and their members across the nation. We will keep you apprised of any developments in this area. 

 

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