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NACHA Expedited Processing and Settlement (EPS) Update

Aug
20

The Electronic Payments Association, known as NACHA, confirmed they will not proceed with the Expedited Processing and Settlement (EPS) proposal, after the balloting process at NACHA. The EPS proposal would have required a new premium same-day, network-wide service on the Automated Clearing House (ACH) network. 

Posted By Sharon Bahr read more

Joint Agencies Propose Rule on Appraisal Requirements for "Higher-Risk" Mortgage Loans

Aug
20

On the same day as the Consumer Financial Protection Bureau (CFPB) proposed its own rule on appraisals and valuations discussed above, the joint federal banking regulators, including National Credit Union Administration (NCUA) and the CFPB, proposed a separate rule concerning the appraisal requirements relating to “higher-risk” mortgage loans.  General comments on this rule are also due on October 15, 2012, and this rule is also required to be finalized by the agencies by January 21, 2013. 

Posted By Sharon Bahr read more

CFPB Proposed Rule on Appraisals & Valuations

Aug
20

The Consumer Financial Protection Bureau (CFPB) proposed a new rule on appraisals and valuations.  General comments are due by October 15, 2012, and the CFPB is required to finalize the rule not later than January 21, 2013.  The proposed rule would amend Regulation B, which implements the Equal Credit Opportunity Act and would apply to applications for credit where the loan would be secured by a first lien on a dwelling. 

Posted By Sharon Bahr read more

FHFA Seeks Comment on Use of Eminent Domain

Aug
20

The Federal Housing Finance Agency (FHFA) called for comments on the use of eminent domain to restructure existing home loans.  Comments are due on September 7, 2012.  FHFA states in a recent press release that the agency has significant concerns about the use of eminent domain to revise existing financial contracts, and that action may be necessar

Posted By Sharon Bahr read more

NCUA Issues Legal Opinion Letter on MFL

Aug
20

National Credit Union Administration (NCUA) has issued a legal opinion letter (11-0620) again addressing multi-featured lending plans (MFL).  The letter reinforces earlier guidance from NCUA issued to federal credit unions in NCUA Letter (12-FCU-02, July 20, 2012). The legal opinion provides:

Posted By Sharon Bahr read more

Conversation with CFPB's Director Richard Cordray

Aug
20

Bill Cheney, president/CEO of Credit Union National Association (CUNA) discussed concerns about the Consumer Financial Protection Bureau’s (CFPB) pending remittances rule and qualified mortgage proposal with CFPB Director Richard Cordray.

Posted By Sharon Bahr read more

Missouri Credit Unions Endorse Ann Wagner as Credit Union Champion

Aug
15

The Missouri Credit Union Association (MCUA) has endorsed Ann Wagner, the Republican candidate for the District 2 Congressional seat, as a Credit Union Champion.  The Missouri Credit Union Association (MCUA) announced the endorsement at an August 15 meeting with Wagner at Arsenal Credit Union.

Posted By Sharon Bahr read more

Credit Union Supporters Fare Well in August Primary Election

Aug
13

Credit union-backed candidates fared well in the Missouri primary election on August 7. 

Posted By Sharon Bahr read more

Proposed Mortgage Servicing Rules Issued by CFPB

Aug
10

The CFPB today issued two proposals to implement provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding servicing of mortgage loans.

Posted By abucaida@mcua.org read more

Federal Reserve Reports on Mobile Payments Regulatory Landscape

Aug
10

In late July, the Federal Reserve Banks of Atlanta and Boston published a summary report on the mobile payments regulatory landscape.  The report covered the opportunities, challenges, and regulatory coverage of mobile payments.

Posted By abucaida@mcua.org read more

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