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Missouri Federal Lawmakers Ask CFPB to Delay, Study Remittances Regulation

Aug
20
Missouri Federal Lawmakers Ask CFPB to Delay, Study Remittances Regulation

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.

Posted By Amy McLard read more

Meeting Opportunities with Congressman Billy Long In-District

Aug
20
Meeting Opportunities with Congressman Billy Long In-District

Meeting Opportunities with Congressman Billy Long In-District

Posted By Amy McLard read more

NACHA Releases Proposed ACH Rules

Aug
20
NACHA Releases Proposed ACH Rules

On Wednesday, August 15, NACHA - The Electronic Payments Association released three new proposed ACH rules that would modify the NACHA Operating Rules.  The first proposed rule would standardize the use of the ACH Network for person-to-person (P2P) payments, which are not currently addressed under the Operating Rules.  The second

Posted By Sharon Bahr read more

NACHA Expedited Processing and Settlement (EPS) Update

Aug
20
NACHA Expedited Processing and Settlement (EPS) Update

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

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
CFPB Proposed Rule on Appraisals & Valuations

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
FHFA Seeks Comment on Use of Eminent Domain

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
NCUA Issues Legal Opinion Letter on MFL

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
Conversation with CFPB's Director Richard Cordray

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
Missouri Credit Unions Endorse Ann Wagner as Credit Union Champion

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

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