Links in “Credit Unions”

GSEs spell out their rules for purchasing loans after January 10, 2014: only loans that are fully amortizing, have terms of up to 30 years, have points and fees that are no more than 3% of the total loan amount, have a maximum debt-to-income ratio of 45%, and have verification of borrower’s income source and amount. [8/22]

Department of Homeland Security seized a $2.9 million account at Veridian Credit Union in Iowa claiming that the Bitcoin and Dwolla client account owner, Mt. Gox, was operating an unlicensed money transmittal business. [8/21]

Washington, DC, District Court holds a hearing today to determine whether the Federal Reserve Board should issue an interim final rule to lower the cap on debit card interchange fees; key issue at the hearing is whether card issuers should be required to refund to merchants excess fee income they earned in light of the court’s July 31 decision that the Fed did not follow Congressional intent when it set the current interchange fee cap. [8/21]

Complaint from former chief appraiser alleges company recruited mortgage brokers and loan officers by telling them they could provide their own personal list of appraisers to be included on the approved panel for the appraisal process, a violation of Truth in Lending Act rules. [8/20]

Files being uploaded from employee computers to a common file-sharing service seemed innocuous, until it was determined that those employees never created the file-sharing accounts; malware did. [8/20]

Most credit unions offer risk-based pricing for some or most of their consumer loan products.  However, many are not pricing their risk tiers in manner that ensures cost recovery. [8/20]

South Dakota Supreme Court remanded a cased against CUNA Mutual and Black Hills Federal Credit Union to a lower court for class action certification; lower court had originally denied class action certification for the plaintiffs who claim that the CUNA Mutual and the credit union improperly raised the premium payments on their closed-end home equity loans. [8/20]

Here are three alternatives your younger members may find useful for building credit that do not include obtaining credit cards. [8/19]

In a hearing scheduled for this Wednesday, the Federal Reserve will advise a federal district court judge on whether it can issue an interim final rule to lower the debit interchange fee cap and to revise the network requirements; hearing follows the district court’s ruling that invalidated the Fed’s current debit card interchange rule and could potentially lead to a requirement that card issuers refund merchants for a portion of the fees charged since the Fed’s final rule went into effect. [8/19]

In its final rule, CFPB adopted a two-year transition period during which all small creditors can make balloon-payment QMs, even if they do not operate predominantly in rural or underserved areas; here are more details. [8/19]