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.
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
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.
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.
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.
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
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:
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.
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.