Alleged unfair charges for add-on credit card products led the Consumer Financial Protection Bureau to act against two companies last week. Affinion Group Holdings Inc., its affiliated companies, and Intersections Inc. are the subject of proposed consent orders that would require nearly $10 million in penalties and consumer relief.
There will be a delay of the effective date of the Consumer Financial Protection Bureau's Know Before You Owe rule, which includes the Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosures regulation.
CUNA has taken another proactive measure on behalf of credit unions by urging the exemption of credit unions from certain new Home Mortgage Disclosure Act Regulation C data reporting requirements in a letter to Consumer Financial Protection Bureau Director Richard Cordray.
The U.S. House will vote next week on a bill that will delay the implementation of the Consumer Financial Protection Bureau’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016.