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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:

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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.

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CUNA Attends CFPB Advisory Board Meeting

Feb
25
CUNA Attends CFPB Advisory Board Meeting

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
CFPB Survey

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
MCUA Comments on CFPB Proposal on Ability to Repay

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
FLEC Holds First Meeting of 2013

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
MCUA Files Comment Letter on CFPB Trial Disclosure Programs

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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MCUA Files Comments with CFPB Regarding CARD Act

Feb
19
MCUA Files Comments with CFPB Regarding CARD Act

On February 19, 2013, the Missouri Credit Union Association (MCUA)  filed a comment letter with the Consumer Financial Protection Bureau (CFPB) in response to its request for information regarding certain aspects of the consumer credit card market, including regul

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Mortgage Servicing Final Rule Analysis Now Available

Feb
11
Mortgage Servicing Final Rule Analysis Now Available

Last month, the Consumer Financial Protection Bureau (CFPB) finalized required amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act to Regulation Z and Regulation X. These required amendments will have a significant impact on the way closed-end mortgage loans are serviced by credit unions going forward. The final rules become effective January 10, 2014.

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CUNA: Compliance Relief Needed on CFPB Remittance Rule

Feb
04
CUNA: Compliance Relief Needed on CFPB Remittance Rule

The Credit Union National Association (CUNA) sent another comment letter  to the Consumer Financial Protection Bureau (CFPB) asking the agency to provide a broader international remittance transfer exemption level and additional compliance relief for credit unions.

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