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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. 

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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

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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:

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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.

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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.

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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. 

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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.

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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.

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CUNA Presses NCUA for More Regulatory Relief

Aug
10

Last Friday, CUNA President/CEO BIll Cheney sent a letter to the NCUA Board regarding a number of issues on which he believes the agency should provide regulatory relief to credit unions. Click here for a copy of the letter.

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"Finance Charge" Changes Under CFPB's RESPA/TILA Proposed Rule

Aug
06

As part of the Consumer Financial Protection Bureau’s (CFPB) 1099-page proposed RESPA/TILA rule, the CFPB is proposing some significant changes to Section 1026.4 of Regulation Z which defines the “finance charge.”  Importantly, these proposed changes will result in a more inclusive finance charge, which, absent further action by the CFPB, will increase the number of closed-end mortga

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