Last week, the Consumer Financial Protection Bureau (CFPB) issued a bulletin (CFPB Bulletin 2013-09) intended to remind creditors what is expected of them when a consumer formally disputes something that the creditor has reported to the credit reporting agencies (CRAs). The CFPB explains that,... More
We wanted to remind everyone that most of the CFPB’s new mortgage lending and mortgage servicing regulations go into effect in January 2014. The time to prepare is now, and this post is intended to highlight some of the resources (both paid resources and free resources) that are available to... More
In June, the Supreme Court invalidated a portion of the Defense of Marriage Act and provided favorable tax treatment for the estate of a same-sex spouse. Like most litigation, the Court's decision raised as many questions as it answered.
The IRS has now answered for taxpayers and employers... More
The NCUA has announced two free webinars on business lending for small credit unions. One, titled “Strategy and Policy,” is Sept. 17th. Another, titled “Underwriting,” is Sept. 25th. To find out more and to register, visit the press release on NCUA's website.
The League’s compliance department occasionally receives calls about payday lenders and certain other businesses continually resubmitting ACH debit entries that the credit union has previously returned unpaid. NACHA recently released an ACH operations bulletin (which you can find here) reminding... More
WASHINGTON (UPDATED: 8/28/13, 11:40 A.M. ET)--Another round of proposed credit risk retention regulations, including a new definition of "qualified residential mortgage" (QRM) with modifications that the Credit Union National Association had urged, was released by the Federal Reserve, Federal... More
ALEXANDRIA, Va. (8/28/13)--Credit unions have until Sept. 3 to comment on a National Credit Union Administration proposal to require all federally insured credit unions (FICUs) to file financial, statistical, and other reports and credit union profiles with the agency only electronically.
The current... More
Details of the Consumer Financial Protection Bureau's new rule on real estate appraisals and other written valuations under the Equal Credit Opportunity Act, and how the rule could impact credit unions, are addressed in a new National Credit Union Administration Regulatory Alert (13-RA-07).
The appraisal... More
ALEXANDRIA, Va. (7/29/13)--The National Credit Union Administration has reminded credit unions of recent major changes to the remittance transfer rule by the Consumer Financial Protection Bureau (CFPB), and the upcoming Oct. 28 compliance date, in a new Regulatory Alert (13-RA-06).
Under the rule, remittance... More
FROM CUNA's News Now
WASHINGTON (7/3/13)--Changes to the Federal Trade Commission's (FTC) Children's Online Privacy Protection Act (COPPA) rule took effect on July 1, and the FTC has followed up on that deadline by releasing two new sets of guidance.
The COPPA rules address the collection, use, and/or... More