Links in “Lending”

NCUA has issued Supervisory Letter No. 14.04 to provide guidance to examiners regarding taxi medallion loans. Credit unions that either extend loans of this type and credit unions that purchase participation interests in taxi medallion loans should review this letter in order to be prepared for the extent of the review your examiners will conduct as a result of heightened concerns regarding the risks they feel these loans may represent. [4/10]

ABA survey finds that more than one-third of respondents will only make qualified mortgages. "The problem will last at least as long as bankers calibrate their compliance systems, and perhaps much longer." [4/8]

House Commerce Committee in Louisiana votes 10-8 against a proposal that would cap interest rates at 36% on payday loans. "It's illogical to apply APR to these loans," opponent claims. [4/8]

At a time when most credit unions are moving away from using volunteers on Credit Committees or Loan Review Committees in favor of the professional staff, State Employees’ Credit Union in North Carolina is actively recruiting volunteers to serve on loan review committees. Currently, the credit union has 86 volunteers serving on loan review committees, but is expanding that number to 276 in order to establish loan review committees for each of its 46 districts. [4/4]

CFPB official says that while 2013 say more complaints about mortgages than debt collection, debt collection complaints have now eclipsed mortgages for the top spot at a pace of about 5,000 complaints per month. [4/3]

The free webinar will be held on Wednesday, April 11^th at 2:00 EST and will focus on alternative payday lending.  Representatives from the NCUA and two credit unions will discuss the benefits, as well as the costs, of offering these short-term loans. [4/2]

With Financial Literacy Month upon us, AffirmX's Ken Agle takes a look at how a lesson Greg Brady learned about caveat emptor would seem to be a useful addition in the world of payday lending. [4/2]

The CFPB has created a unified mortgage disclosure rule combining the Good Faith Estimate and the initial TILA disclosure to create a new form, the Loan Estimate. It has issued an accompanying guide. [4/2]

Not that the CFPB has been asking for them, but apparently there was an 80% increase in number of complaints received by the CFPB according to the report issued. Top three complaints categories include mortgages (37%),  debt collection (19%), and credit reporting (15%). [4/1]

In field hearings, the CFPB rolls out a series of findings from a yearlong study of payday borrowers suggesting that more regulations and enforcement authority are needed. [3/31]