At the request of the Consumer Financial Protection Bureau  (CFPB), CUNA has set up a May 25 briefing for its members by CFPB staff on changes that come with implementation of the Helping Expand Lending Practices in Rural Communities (HELP) Act. The rule, which went into effect March 31, is a victory for credit unions and CUNA’s 360-degree advocacy, as it will help them provide additional credit to consumers in rural and underserved areas.

The interim final rule amends parts of Regulation Z that affect the eligibility of certain small creditors that operate in rural or underserved areas to originate balloon-payment qualified mortgages.

It also provides for an exemption from the requirement to establish an escrow account for higher-priced mortgage loans.

The CFPB will brief CUNA members during a conference call scheduled for Wednesday at 3:30 p.m. (ET). Bureau staff responsible for drafting the rule will provide an overview and answer questions.