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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:

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MFOEL Webinar August 15


A number of credit unions remain concerned about multi-featured open-end lending (MFOEL) following the issuance of National Credit Union Administration's (NCUA) letter to federal credit unions last month (NCUA Letter No. 12-FCU-02).

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NCUA Offers MFOEL Clarification


The National Credit Union Administration (NCUA) issued a Letter to Federal Credit Unions (12-FCU-02) on July 20 to provide guidance and best practices on multi-featured open-end lending (MFOEL) plans and Multi-Featured Lending (MFL) plans.

Posted By Halley Hayden read more

CUNA Seeks Guidance and Clarification on MFOEL


Last week, Bill Cheney, CUNA president reported that CUNA staff and CUNA Mutual are working with NCUA and the Consumer Financial Protection Bureau (CFPB) to pursue concerns relating to the regulation of Multi-Featured Open-End Lending (MFOEL). Earlier this week, Senior staff from CUNA submitted correspondence to NCUA which would seek to have the agency revise or supplement its Letter to Federal Credit Unions 10-FCU-02 in order to provide more clarity for credit unions offering these MFOEL programs.

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MFOEL Championed by CUNA and CUNA Mutual


CUNA staff and representatives from CUNA Mutual attended a meeting held last week by the CFPB to discuss concerns relating to Multi-Featured Open-End Lending (MFOEL). Discussions with CFPB staff reiterated that there remains a large amount of confusion among both credit unions and examiners with respect to changes that were made to Regulation Z in a final rule published in January, 2009, for which compliance became mandatory on July 1, 2010.

Posted By Halley Hayden read more
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