Links in “Credit Unions”

Sen. Sherrod Brown (D-Ohio) announces he will soon introduce legislation that would empower the CFPB to "crack down" on banks and CUs that "employ predatory practices." [7/23]

While the number of mortgage loan originators who were actually involved in deceptive and abusive practices was very small, all MLOs and their institutions must now follow the SAFE Act requirements; what this means in a nutshell. [7/23]

When even a single complaint can be the catalyst for an examination, tracking and analyzing complaints, whether formal through NCUA or an angry tweet or Facebook message, can help manage the CU's reputation and compliance risks. [7/23]

In response to consumer concerns, Senator Brown of Ohio plans to introduce a bill that would require financial institutions to pay overdrafts in a particular order; CFPB has noted that many financial institutions structure the payment of overdrafts so that the largest checks are paid first, a practice that often results in larger overdraft fees to consumers. [7/22]

That could be the decision of the House Financial Services Committee when it votes tomorrow on whether to mostly privatize the secondary mortgage market by doing away with Fannie Mae and Freddie Mac; Democrats, who oppose the bill, are concerned that it would seriously limit mortgage options for lower and middle class consumers. [7/22]

NCUA releases map of new regions; includes table of 9 states that are being assigned to new regions. [7/22]

Whitepaper addresses six best practices for improving the quality of AML screening. [7/22]

Beginning Jan. 10, 2014, a lender is required to provide notification to consumer at least 60 days prior to the first payment of an adjusted rate, but what if that first payment is due, say, Feb. 10, 2014, in other words, after the effective date requiring the notification but less than the 60-day minimum notification requirement? CFPB addresses this Catch-22. [7/19]

The stabilization assessment is used to repay the costs of the Temporary Corporate Credit Union Stabilization Fund. Last November, NCUA had estimated the assessment could range from 8 to 11 basis points of insured shares.  NCUA board to tackle issue at next week's board meeting. [7/19]

A former McDonald’s employee wanted to have her paycheck directly deposited to her credit union account. However, McD's required that she receive her pay in the form of a reloadable payroll card with onerous fees. Natalie Gunshannon claims that she would not have incurred any fees through her CU account and debit card and has filed a class action suit against McDonalds. [7/19]