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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

Federal Reserve Board Seeks Debit Card Interchange Data

Sep
05
Federal Reserve Board Seeks Debit Card Interchange Data

The Federal Reserve Board is conducting a new data collection effort involving a random sample of 1,000 depository institutions that are exempt from the Board's interchange fee standards under Regulation E, Electronic Fund Transfers Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Posted By Halley Hayden read more

Credit Unions Hear from CFPB Director

Sep
04
Credit Unions Hear from CFPB Director

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

Missouri CDFI Efforts Shared with U.S. Rep. Emerson

Aug
31
Missouri CDFI Efforts Shared with U.S. Rep. Emerson

Missouri CDFI Efforts Shared with U.S. Rep. Emerson

The latest efforts by Missouri credit unions to obtain Community Development Financial Institutions (CDFI) certification are welcome news for U.S. Rep. Jo Ann Emerson (R-District 8).   

Posted By Amy McLard read more

Kansas City Credit Unions Share Federal Legislative Concerns

Aug
27
Kansas City Credit Unions Share Federal Legislative Concerns

Kansas City Credit Unions Share Federal Legislative Concerns
Upcoming Meeting Opportunities Statewide

Representatives from credit unions in the Kansas City region shared key federal concerns with U.S. Rep. Sam Graves’ (R-District 6) staff during an in-district meeting.  Melissa Roe, Deputy Chief of Staff for Congressman Graves, met with eleven leaders from six credit union organizations at CommunityAmerica Credit Union on August 24.

Posted By Amy McLard read more

CFBP Rulemaking Chart Available

Aug
27

Credit union representatives now have access to a chart  that highlights various rulemaking projects that are being undertaken by the Consumer Financial Protection Bureau (CFPB). The projects are required by the Dodd-Frank Act. The chart covers topics like Reg Z, Appraisals, Reg B and more. 

A CUNA username and password is required to access the chart. 

Posted By Sharon Bahr read more

Comment Letter Seeks FDIC Clarification

Aug
27

The Credit Union National Association (CUNA) is seeking clarification in a comment letter to the Federal Deposit Insurance Corporation (FDIC) that credit unions should not be covered under a new proposal the FDIC has issued regarding liquidation authority over entities engaging in financial activities.  The proposal was developed under Title II of the Dodd-Frank Act.  In the comment letter, CUNA emphasizes that credit unions should not be considered entities subject to the proposed definition of “predominantl

Posted By Sharon Bahr read more

FASB Issues Proposed Standard on Disclosures

Aug
27
FASB Issues Proposed Standard on Disclosures

The Financial Accounting Standards Board (FASB) has issued a proposed standard that is intended to help financial statement users better understand organizations’ exposure to liquidity risk and interest rate risk.

Posted By Sharon Bahr read more

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