The Consumer Financial Protection Bureau finalized its proposal Monday expanding the definition of “small creditor” to include those institutions that originate and sell fewer than 2,000 mortgages per year, and have less than $2 billion in assets.
WASHINGTON (9/21/15 UPDATED 2:45 p.m. ET)--The Consumer Financial Protection Bureau (CFPB) finalized a rule this afternoon increasing the number of financial institutions able to offer certain mortgages in rural and underserved areas.
WASHINGTON (9/18/15 UPDATED 2:30 ET)--Eight new credit union representatives, including six CUNA members, have been selected by the Consumer Financial Protection Bureau for its important Credit Union Advisory Council, the bureau announced today.
Opportunities exist to enhance the accuracy and completeness of the Consumer Financial Protection Bureau’s Consumer Complaint Database, according to the Federal Reserve Office of the Inspector General.
CUNA President/CEO Jim Nussle said Thursday that the field-of-membership rule changes proposed by the National Credit Union Administration at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.