Links in “Agencies”
- CUNA Cites Accuracy Concerns with CFPBâs Consumer Narrative Proposal
In a letter to the CFPB, CUNA expresses concern about the reputational harm that credit unions could face as a result of permitting consumers to post narrative descriptions of their complaints that could contain âinaccuracies, exaggerations and even intentionally false information.â In addition, CUNA points out that privacy concerns may not allow credit unions to provide the details necessary to adequately respond to a consumerâs complaint. [9/23/14]
- GAO to CFPB on Data Collection: Keep It Secret, Keep It Safe
The GAO has conducted an analysis on the CFPB regarding its privacy and security procedures for data collections. According to the GAO, âadditional efforts are needed in several areas to reduce the risk of improper collection, use, or release of consumer financial data.â [9/23/14]
- FFIECâs HMDA Revelation
Thatâs right, 2013âs HMDA information has been made available by the FFIEC. Although the number of HMDA reporting institutions has declined, home purchase lending has increased. [9/23/14]
- CFPB Clarifies Criteria
The CFPB has amended its final rule regarding international money transfer markets and includes a definition of âlarger participantsâ that are subject to the CFPB. [9/23/14]
- Credit Unions and the FHLB
Does your credit union need a little extra help battling liquidity, interest rate risk, and investments? According to the Credit Union National Association, a product from the Federal Home Loan Banks (FHLB) might be for you. [9/22/14]
- NCUA, CFPB, and FinCEN Need Your Opinion
The agencies are requesting comments on customer due diligence (FinCEN), fixed assets (NCUA), and Regulation C (CFPB). These comments are due during the month of October. [9/22/14]
- Regulation Zâs New Yearâs Resolution: Higher Exemption Threshold
The Federal Reserve and CFPB have published rules which amend Regulation Z exemption threshold from $50,000 to $54,600. The same adjustment was made to Regulation M. These adjustments will take effect January 1, 2015. [9/22/14]
- CFPB Hopes to Nip TILA-RESPA Disclosure Confusion in the Bud
The third TILA-RESPA Integrated Disclosures webinar will be held Wednesday, October 1, 2014. The session will focus on both compliance and interpretive questions and implementation challenges. [9/22/14]
- Cordray Extends Invitation
Love discussing overdrafts and consumer complaints? Then this meeting is for you! [9/22/14]
- Debit Fee Cap Is Here to Stay
At least for now, according to the Federal Reserve Board. However, NAFCU finds that this 21 cent fee cap is not nearly high enough to allow credit unions to break even on debit payment services for their members. [9/19/14]
