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.
Pending mortgage-servicing requirements that will consolidate and coordinate existing short sale programs into a single standard program could be beneficial to consumers and mortgage lenders but raise important questions, including for credit unions.
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.
On August 20, Credit Union National Association (CUNA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) on its request for information on senior financial exploitation. In the comment letter, CUNA supports efforts by the CFPB to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management. Credit unions offer a broad range of financial services to meet th
The Consumer Financial Protection Bureau (CFPB) recently held a roundtable meeting to discuss the proposed rule and forms to combine certain disclosures required under the Real Estate Settlement Procedures Act (RESPA) with disclosures required under the Truth in Lending Act (TILA), as well as the proposed rule to implement recent changes to the Home Ownership and Equity Protection Act (HO
On Thursday, August 16, Credit Union National Association (CUNA) submitted a comment letter to the Commodity Futures Trading Commission (CFTC) regarding its proposal to provide a clearing exemption for certain swaps entered into by cooperatives. Under the proposed exemption, the CFTC would permit cooperatives with $10 billion or more in assets to elect not to clear swaps in connection with originating loans for members or that hedge or mitigate
The Missouri Credit Union League, with Credit Union National Association (CUNA) and other member leagues, are working to obtain further clarifications on the designation of low income state-chartered credit unions. The National Credit Union Administration (NCUA) recently alerted about 1,000 federal credit unions on their eligibility for the low-income credit union designation.
Luetkemeyer Meeting at Missouri Credit Union House
Credit union representatives gathered at Missouri Credit Union House in Jefferson City to meet with Congressman Blaine Luetkemeyer (R-District 9) on August 13. In addition to discussing bills and issues in Congress, Luetkemeyer urged credit unions to make advocacy a priority.
Missouri Federal Lawmakers Ask CFPB to Delay and Study Remittances Regulation
Four Missouri members of the U.S. Congress signed a letter encouraging the Consumer Financial Protection Bureau (CFPB) to delay and study the impact of its proposed remittances regulation, Section 1073 of the Dodd-Frank Act. There is concern that the final rules as written will drastically curtail the availability of international transfers to consumers.