WASHINGTON (9/10/13)--Details on a trio of developments in the areas of credit reporting, mortgages, and data security are among the items highlighted in this week's edition of the Credit Union National Association's Regulatory Advocacy Report.
First, the credit reporting details: Last week, the Consumer Financial Protection Bureau released a new compliance bulletin that addresses credit providers obligations to "review all relevant information" they receive in connection with accountholder disputes that are forwarded to card issuers by credit reporting agencies.
CUNA Deputy General Counsel Mary Dunn in the Report encouraged credit unions to read and become familiar with this bulletin and other guidance documents, noting that financial regulatory examiners may begin studying the areas addressed in these documents more closely in credit union examinations going forward.
This week's Report also addresses the Federal Housing Administration's (FHA) new "Back to Work" program. The program, Dunn noted, could help borrowers that lost their jobs and homes during the recession to qualify for an FHA-insured mortgage.
To qualify for the program, potential borrowers will need to demonstrate that their financial hardships were tied to events beyond their control, and will also be required to complete counseling. They will also need to meet all FHA requirements. "It is likely lenders will need to make judgment calls when assessing whether the requirements for the Back to Work program have been met," Dunn wrote.
This week's Report also previews proposed changes to Version 3.0 of the PCI Data Security Standard (PCI DSS) and Payment Application Data Security Standard (PA-DSS). The security updates, which are expected to be released this November, are intended to:
Other items in this week's Report include:
A resource chart with information on current CUNA comment calls is also provided in the Report. The Regulatory Advocacy Report also includes updated regulatory advocacy resource charts with comprehensive information on proposed and final CFPB rulemakings, and the more than 150 updated federal regulations that impact credit unions.
For this week's Regulatory Advocacy Report, use the resource link.