Core processing is never a settled matter. A relentless stream of tweaks, improvements, and leaps in technology makes it a two-edged sword: While it increases credit unions’ efficiency, it also can expose deficiencies in their current practices.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.