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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

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

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

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.

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

Posted By Halley Hayden read more
Posted By Halley Hayden read more

Credit Unions Hear from CFPB Director

Sep
04

Credit union representatives took part in a conference call with CFPB Director Richard Cordray to ask questions and raise concerns about recent regulations. The call lasted an hour and a range of issues was discussed including the mortgage-related proposals and international remittances.

Posted By Halley Hayden read more

CFPB Extends Comment Dates for “Finance Charge” And HOEPA Proposed Changes

Sep
04

The Consumer Financial Protection Bureau (CFPB) has delayed the comment deadline from September 7 to November 6 for two important proposals, one on the definition of “finance charge” under the “Know Before You Owe” combined Truth-in-Lending and Real Estate Settlement Procedure Act forms proposal, and the other to implement changes to Regulation Z under the Home Ownership and Equity Protection Act (HOEPA) as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Posted By Halley Hayden 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 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

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

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