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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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