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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.

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CFPB Updates - 3/18/2013

Mar
18

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

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CFPB Updates - 3/11/2013

Mar
11

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

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CFPB's Cordray Scheduled for Nomination Hearing

Mar
08

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.

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CUNA Attends CFPB Advisory Board Meeting

Feb
25

The Consumer Financial Protection Bureau’s (CFPB) Consumer Advisory Board (CAB) met last week. This was the first CAB meeting of this year. Participants included Credit Union National Association (CUNA) Associate General Counsel Jared Ihrig and other financial association personnel, media contacts, consumer rights attorneys, CFPB staff, and others. 

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CFPB Survey

Feb
25

The Credit Union National Association (CUNA) will soon post a comment call that seeks information from credit unions on services specifically marketed to higher education students.

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MCUA Comments on CFPB Proposal on Ability to Repay

Feb
25

The Consumer Financial Protection Bureau (CFPB) has already adopted a final rule to implement the ability to repay provisions regarding closed-end mortgage loans under the Dodd-Frank Act. The rule takes effect January 10, 2014. However, the agency is also seeking comments, through today, February 25, on a proposal that would allow some creditors to have more flexibility in complying with the rule.

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FLEC Holds First Meeting of 2013

Feb
19

Last week, the Financial Literacy and Education Commission (FLEC) held its first quarterly meeting of the year. FLEC is comprised of the heads of 20 federal agencies, including the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and other financial regulators.

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MCUA Files Comment Letter on CFPB Trial Disclosure Programs

Feb
19

On February 15, 2013, the Missouri Credit Union Association (MCUA) filed a Comment Letter with the Consumer Financial Protection Bureau (CFPB) on the agency’s proposed policy to encourage trial disclosure programs.

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