The Consumer Financial Protection Bureau must clear up ambiguity surrounding the definition of “small creditor” as it relates to the bureau’s new mortgage rules, CUNA President/CEO Nussle said in a letter to CFPB Director Richard Cordray Tuesday.
CUNA was successful in getting the Consumer Financial Protection Bureau to delay the effective date of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule to Oct. 3, but continues to call for a safe harbor for legal liability and enforcement through the end of the year.
Consumer Financial Protection Bureau Director Richard Cordray told the Senate Banking Committee Wednesday that the lending practices of credit unions and community banks are the most consumer-friendly of the nation's financial institutions.
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.