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CFPB and NCUA Adopt Supplemental Rule on Appraisals for "Higher-Priced Mortgage Loans"

Dec
19

The Consumer Financial Protection Bureau (CFPB), National Credit Union Administration (NCUA), and other federal financial regulators adopted a supplemental rule that amends Reg Z-changes made by a January 2013 final rule* regarding appraisals for “higher-priced mortgage loans” (HPML)— formerly referred to as “higher-risk mortgages.” For certain mortgages with an APR that exceeds the average prime of

Posted By Sharon Bahr read more

Missouri Federal Lawmakers Urge CFPB to Delay Mortgage Rule Implementation

Dec
17

Six Missouri U.S. House members, along with U.S. Senator Roy Blunt (R), have signed on to letters urging the Consumer Financial Protection Bureau (CFPB) to delay implementation of new mortgage rules. The rules are set to take effect January 2014.

Posted By dkent read more

Standards for Assessing Credit Unions' Diversity Policies & Practices

Nov
18

As reported previously, National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Fed, Office of the Comptroller of the Currency (OCC), and Securities Exchange Commission (SEC) have proposed joint standards for assessing the diversity policies and practices of the entities they regulate.

Posted By Sharon Bahr read more

CFPB Issues Additional Changes to Mortgage Rules

Sep
17

The CFPB released another final rule amending its Ability-to-Repay, Mortgage Servicing and Mortgage Loan Originator final rules, which were originally finalized in January of this year. The latest final rule provides:

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MCUA Comments on CFPB Telephone Survey Regarding Dispute Resolution Provisions

Aug
12

On August 6, 2013, the Missouri Credit Union Association (MCUA) filed a comment letter on the Consumer Financial Protection Bureau's (CFPB) request for approval by the Office of Management and Budget (OMB) for the CFPB to conduct a telephone survey.

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CFPB Issues New Clarifications to Mortgage Rules

Jul
16

Last week, the Consumer Financial Protection Bureau​ (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules.

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Financing Credit Insurance on Mortgage Loans - Rule Takes Effect in June

Apr
22

The Credit Union National Association's (CUNA) Regulatory Advocacy group continues to urge the Consumer Financial Protection Bureau (CFPB) to provide flexibility to credit unions regarding two practices relating to covered mortgage-related insurance: adding a monthly charge for credit insurance premiums to the loan balance; and charging a fixed monthly fee for the credit insurance that does not decline as the loan balance decreases.

Posted By Sharon Bahr read more

Mortgage Compliance Guides Coming Soon

Apr
08

Missouri credit unions will have access to plain language compliance guides and other materials from the Consumer Financial Protection Bureau’s (CFPB) Mortgage Rule Implementation.  Starting the week of April 8, the CFPB will release compliance guides for recently finalized mortgage rules, as well as updates of the official interpretations, examination procedures, and other materials.

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CFPB Amends Reg Z Credit Card Fee Limitation

Apr
01

The Consumer Financial Protection Bureau (CFPB) has issued a final rule to amend Regulation Z, Truth in Lending Act (TILA), and Reg Z’s official commentary regarding limitations on fees that credit card issuers may charge.  Reg Z generally limits the total amount of fees that an issuer may charge on a consumer’s credit card account to 25% of the credit limit in effect when the account is opened.

Posted By Sharon Bahr read more

NCUA Report on Understanding the Risks of Private Student Loans

Mar
19

The National Credit Union Administration (NCUA) reported on risks from private student loans in the March edition of The NCUA REPORT. Student loan debt surpassed $1 trillion in 2012 with 15% coming from private student loans according the NCUA quoting Consumer Financial Protection Bureau (CFPB) statistics. Total delinquency nationwide is 5.4% but only 1.46% for credit unions.

Posted By Sharon Bahr read more

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