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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

MCUA Hosts Fundraiser for Representative Sheila Solon

Sep
14

The Missouri Credit Union Association’s (MCUA) Jefferson City office hosted a fundraiser on behalf of State Representative Sheila Solon (R – District 55) on Tuesday September 11, 2012.  More than 30 friends and supporters of the Representative visited the MCUA office throughout the evening.  

Posted By Sharon Bahr read more

Credit Unions Highlight Access to Capital for Small Business

Sep
10

Attention on Capitol Hill will focus on credit union member business lending this week, and Missouri credit unions have the opportunity to take part.

Posted By Amy McLard read more

FHFA Announces Increase in Guarantee Fees

Sep
10

The Federal Housing Finance Agency recently announced that it has directed Fannie Mae (FNMA) and Freddie Mac (FHLMC) to raise guarantee fees on single-family mortgages by an average of 10 basis points (bps). For loans exchanged for mortgage-backed securities, the increase will be effective with settlements starting December 1, 2012.

Posted By abucaida@mcua.org 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

Springfield Meeting with U.S. Rep. Billy Long

Sep
10

Springfield Meeting with U.S. Rep. Billy Long

As part of the statewide effort to meet with federal lawmakers at home during the Congressional recess period, Springfield credit union leaders met with U.S. Rep. Billy Long (R-District 7) in his Springfield office on September 5.

Posted By Amy McLard 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

Payday Lending Interest Cap Campaign Suspends Legal Challenge

Sep
05

A ballot initiative to cap lending in Missouri at 36 percent annually will not be up for a vote in Missouri this November.  Proponents of the payday lending initiative, along with a measure to raise the minimum wage from $7.25 to $8.25 per hour, have given up their challenge to place both on the November ballot.

The petition efforts were rejected by Missouri Secretary of State Robin Carnahan on August 7 after they fell short of the required number of valid registered voters’ signatures.

Posted By Halley Hayden read more

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