A new tool launched by the Consumer Financial Protection Bureau Wednesday will help creditors determine which properties are located in rural or underserved areas. Financial institutions in rural or underserved areas are eligible for exemptions from various requirements.
Several important pending rulemakings for credit unions remain on agencies’ fall agendas including the National Credit Union Administration proposal on supplemental capital and the Consumer Financial Protection Bureau’s pre-rule activity on overdraft protection services.
CUNA continues its advocacy efforts after last week’s discussion with the Consumer Financial Protection Bureau about overdraft protections and followed up the meeting Thursday with a letter to CFPB staff.
Fresh off the release of the final Home Mortgage Disclosure Act rule last week by the Consumer Financial Protection Bureau, CUNA’s compliance gurus offer a look at what the increased reporting burdens mean for credit unions.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.