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CFPB Study and Remittance Transfers Update

Oct
01
CFPB Study and Remittance Transfers Update

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:

Posted By Sharon Bahr read more

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

Sep
19
Credit Unions Invited to Attend CFPB Consumer Advisory Board Inaugural Meeting on Sept. 27

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:

Posted By Amy McLard read more

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

Sep
17
Impact of Dodd-Frank on Safety and the Soundness of MBLs

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.

Posted By Sharon Bahr read more

CFPB News and Updates

Sep
17
CFPB News and Updates

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

CFPB's Director Testifies Before Senate Banking Committee

Posted By Sharon Bahr read more

CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully

Sep
17
CUNA to CFPB: Craft Qualified Mortgage Final Rule Carefully

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

Posted By Sharon Bahr read more

CFPB Proposal to Amend Regulations X and Z

Sep
10
CFPB Proposal to Amend Regulations X and Z

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

Posted By abucaida@mcua.org read more

Pew Report on General Purpose Reloadable Prepaid Cards

Sep
10
Pew Report on General Purpose Reloadable Prepaid Cards

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.

Posted By abucaida@mcua.org read more

Missouri Credit Unions Asked to Respond to CFPB International Remittance Transfer Rule

Aug
31
Missouri Credit Unions Asked to Respond to CFPB International Remittance Transfer Rule

Missouri Credit Unions Asked to Respond to CFPB International Remittance Transfer Rule

Missouri credit unions have an opportunity to weigh in on the Consumer Financial Protection Bureau’s (CFPB) final rule on international remittance transfers.  CFPB Director Richard Cordray has asked the Credit Union National Association (CUNA) to assemble a working group that will meet with him in-person to discuss the rule and its impact on credit unions. 

Posted By Amy McLard read more

CFPB's TILA/RESPA Proposed Rule

Aug
27
CFPB's TILA/RESPA Proposed Rule

The Consumer Financial Protection Bureau (CFPB) has issued its proposed rule to formally combine certain disclosures required under both the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  

Posted By Sharon Bahr read more

Conference Call with CFPB's Richard Cordray - Thursday, August 30

Aug
27
Conference Call with CFPB's Richard Cordray - Thursday, August 30

Credit unions have an opportunity to hear directly from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray during an audio conference call to specifically address key concerns and issues. He will address issues of primary concern to credit unions and take questions.

Posted By Sharon Bahr read more

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