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MFOEL

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

MFOEL Webinar August 15

Aug
06
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).

Posted By Sharon Bahr read more

CUNA Seeks Guidance and Clarification on MFOEL

Feb
03
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.

Posted By abucaida@mcua.org read more
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