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CFBP Mortgage Servicing Proposal Concerns

Oct
02

Credit Union National Association (CUNA) staff continue to draft comment letters to the Consumer Financial Protection Bureau (CFPB) concerning the proposed mortgage servicing rules that will amend Regulation Z and Regulation X.  Below are a few items contained within the proposals that may be of heightened concern for credit unions:

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Posted By Sharon Bahr read more

CFPB Study and Remittance Transfers Update

Oct
01

Consumer Financial Protection Bureau Study Finds Credit Scores Used by Consumers and Lenders Can Differ

On September 25, 2012, the Consumer Financial Protection Bureau (CFPB) released a study comparing credit scores sold to creditors and those sold to consumers. The study found that about one out of five consumers would likely receive a meaningfully different score than would a lender. The study determined the following:

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Posted By Sharon Bahr read more

CFPB Hears From Missouri Leaders Prior to Inaugural Session

Sep
27

A select group of Missouri credit union representatives had a rare opportunity to sit down with key leaders from the Consumer Financial Protection Bureau (CFPB) on September 26 - one day prior to the CFPB's consumer advisory board inaugural meeting being held in St. Louis.  

Credit union leaders explained how regulations being promulgated quickly through the system require additional staffing and increased costs to the consumer.  

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Posted By Halley Hayden read more

Credit Unions Invited to Attend CFPB Consumer Advisory Board Inaugural Meeting on Sept. 27

Sep
19

CFPB Consumer Advisory Board Inaugural Meeting on Thursday, September 27 – St. Louis

Missouri credit union leaders are invited to attend the Consumer Financial Protection Bureau (CFPB)’s Inaugural Meeting of its Consumer Advisory Board on Thursday, September 27, 2012 in St. Louis, Missouri.

Here are the meeting details:

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Posted By Amy McLard read more

Impact of Dodd-Frank on Safety and the Soundness of MBLs

Sep
17

The Government Accountability Office (GAO) issued a report on September 13, 2012, on the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on Credit Unions and Community Banks. The report basically concludes that it is too early to tell what the total impact of the Act’s provisions on credit unions and community banks will be.

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Posted By Sharon Bahr read more

CFPB News and Updates

Sep
17

The following articles relate to recent updates from the Consumer Financial Protection Bureau (CFPB). 

CFPB's Director Testifies Before Senate Banking Committee

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Posted By Sharon Bahr read more

CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully

Sep
17

The Credit Union National Association (CUNA), along with other financial trade associations, sent a letter to Director Cordray and the Consumer Financial Protection Bureau (CFPB) regarding the Qualified Mortgage requirements under the Bureau’s pending Ability to Repay Rule.  In the letter, CUNA urged the agency to broadly define the Qualified Mortgage definition, and to provide a legal safe harbor for mortgage lenders from ability to repay litigation when they originate loans that meet the Qualified Mortgage standards.  They also urged the Bureau to develop objective, bright

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Posted By Sharon Bahr read more

CFPB Proposal to Amend Regulations X and Z

Sep
10

Another comment letter was filed by the Missouri Credit Union Association (MCUA) and Credit Union National Association (CUNA) last week, this one with the CFPB in response to its proposed rule to amend Regulations X and Z to implement change

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Posted By abucaida@mcua.org read more

Pew Report on General Purpose Reloadable Prepaid Cards

Sep
10

On Wednesday, the Pew Charitable Trusts released a report on general purpose reloadable (GPR) prepaid cards. The Pew report focused on GPR prepaid cards that can be used to make purchases, withdraw money from ATMs, and pay bills for consumers. Pew recommends that the CFPB adopt additional regulatory requirements on GPR prepaid cards.

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Posted By abucaida@mcua.org read more

Recent CFPB Updates

Sep
07

The CFPB published several new items on its website concerning the CFPB’s various initiatives including updates to its Private Student Lending Loan Report. CFPB states that since the release of its original report to Congress in July, it has “developed ways to make better estimates on certain market statistics, pa

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Posted By Halley Hayden read more

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