The CFPB published its final mortgage servicing rule Wednesday in the Federal Register, providing an effective date. Most of the rule will be effective Oct. 19, 2017 while others will be effective April 19, 2018.
CUNA is overall supportive of proposed changes to the TRID rule, but asks the CFPB to continue to work on existing issues. CUNA submitted its comment letter Monday to the bureau on the proposed changes.
The CFPB announced Thursday that it will allow advance collection of 2017 Home Mortgage Disclosure Act disaggregated ethnic and racial data categories, though such collection is not mandatory until Jan. 1, 2018.
The U.S. District Court of Appeals for the D.C. Circuit’s Tuesday decision that the Consumer Financial Protection Bureau’s structure is unconstitutional reinforces several CUNA concerns about the bureau as well, said CUNA President/CEO Jim Nussle.
The Small Business Administration’s Office of Advocacy cited CUNA information when urging a credit union exemption from the CFPB's short-term, small-dollar loan proposal Friday, saying that the CFPB underestimated the impact on credit unions.
NCUA Chair Rick Metsger wrote to the Consumer Financial Protection Bureau this week strongly recommending the bureau include a blanket exemption for Payday Alternative Loans (PALs) from its short-term, small-dollar proposal, citing concerns similar to those of CUNA.
The CFPB's proposed rule on short-term, small-dollar loans could rob consumers of safe alternatives to predatory lenders, and CUNA urged the bureau to withdraw its proposal or exempt credit unions as a class in its comment letter.
CUNA is evaluating the CFPB new, 1,600-plus page rule on prepaid cards to make sure credit unions are minimally affected, assessing compliance costs for credit unions offering prepaid accounts that could be associated with the new requirements.
A little more than a week remains for credit unions to comment on the CFPB's short-term, small-dollar lending proposed rule. Comments on the proposal are due Oct. 7. CUNA has a number of concerns with the proposal.
Credit unions and for-profit debt collectors have different considerations when communicating with consumers, CUNA wrote to the CFPB Friday. CUNA wrote to the CFPB as the bureau releases the proposal for a Small Business Review Panel.
With CUNA’s Bank Secrecy Act Conference, hosted in conjunction with the National Association of State Credit Union Supervisors, coming up next month, CUNA’s compliance staff went into detail of the NCUA’s BSA compliance program in a recent CompBlog entry.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.
The NCUA’s Tuesday announcement that it will repay the U.S. Treasury in full is a good sign for credit unions, said CUNA Chief Policy Officer Bill Hampel. The agency will repay the $1 billion outstanding balance before Oct. 31.