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CFPB Issues Additional Changes to Mortgage Rules

Sep
17
CFPB Issues Additional Changes to Mortgage Rules

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:

Posted By Sharon Bahr read more

MCUA Comments on CFPB Telephone Survey Regarding Dispute Resolution Provisions

Aug
12
MCUA Comments on CFPB Telephone Survey Regarding Dispute Resolution Provisions

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.

Posted By Sharon Bahr read more

CFPB Issues New Clarifications to Mortgage Rules

Jul
16
CFPB Issues New Clarifications to Mortgage Rules

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

Posted By Nora Holloway read more

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

Apr
22
Financing Credit Insurance on Mortgage Loans - Rule Takes Effect in June

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
Mortgage Compliance Guides Coming Soon

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.

Posted By Sharon Bahr read more

CFPB Amends Reg Z Credit Card Fee Limitation

Apr
01
CFPB Amends Reg Z Credit Card Fee Limitation

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
NCUA Report on Understanding the Risks of Private Student Loans

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

CFPB Updates - 3/18/2013

Mar
18
CFPB Updates - 3/18/2013

NLRB Recess Appointments Case to Move to Supreme Court;
Could Impact CFPB

Posted By Sharon Bahr read more

CFPB Updates - 3/11/2013

Mar
11
CFPB Updates - 3/11/2013

Here are the current Consumer Financial Protection Bureau updates as of March 11, 2013:

Posted By Sharon Bahr read more

CFPB's Cordray Scheduled for Nomination Hearing

Mar
08
CFPB's Cordray Scheduled for Nomination Hearing

More news on the “regulatory burden” front.  Consumer Financial Protection Bureau (CFPB) Director Richard Cordray gets the chance to make his best case for Senate approval as permanent director of the agency (for a five-year term) next Tuesday, March 12, 2013,  at a hearing before the Senate Banking Committee.

Posted By Sharon Bahr read more

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