Links in “Credit Unions”
- Potential Pitfalls in the Approach Your CU Takes in Determining Ability to Pay
If your CU chooses to only consider a consumerâs independent income and assets, it could be risking ECOA/Reg. B violations based on sex or marital status. [6/11]
- CFPB Releases Plain English, Small Entity Guides for Loan Originators and Mortgage Servicers
Agency emphasizes guides are not substitutes for the underlying rules, but give an overview of them. [6/10]
- Lessons from Oklahoma: How Prepared Is Your CU for a Crisis?
9 steps to a proactive plan for handling crises. [6/10]
- Regulatory Accountability Act Seeks to Modernize 66-Year-Old Administrative Procedure Act
Would require regulators to consider their existing rules when writing new regulations, avoid regulations that are inconsistent with other regulations and draft regulations in simple and easy to understand language. [6/10]
- Where’s the CFPB Going Next?
Pew Report sets sights on Disclosure policies and Overdraft policies. [6/7]
- CU Tax Exemption Not Included in Latest Senate Proposal
Senate Finance Committee has released a tax reform options paper that does not include any specific reference to a change in the tax exempt status for federal credit unions. [6/7]
- NCUA to Aggressively Pursue Credit Unions Violating Payday Lending Rule
NCUA has identified nine credit unions that may be violating the agencyâs payday lending rule; five are referring members for a fee to a CUSO that is charging rates in excess of the 28% NCUA cap. [6/7]
- Newly Released Exam Manuals Can Help Compliance with New Mortgage Regulations
CFPB releases two new examiner manuals that cover compliance with the Truth-in-Lending Act (Reg. Z) and the Equal Credit Opportunity Act (Reg. B); yet to be addressed are the new mortgage servicing rules or the ability to repay rules, but the CFPB has advised that this information should be added in the next few months. [6/6]
- 5 Commandments for Protecting Member Information
Five steps any credit union can take to help safeguard member information. [6/6]
- First of Many Rounds of Exam Procedures
Among other things, procedures call for examiners to look for ethical standards in loan originators, including "character, fitness and financial responsibility" requirements. [6/6]
