CUNA Seeks Guidance and Clarification on MFOEL
Last week, Bill Cheney, CUNA president reported that CUNA staff and CUNA Mutual are working with NCUA and the Consumer Financial Protection Bureau (CFPB) to pursue concerns relating to the regulation of Multi-Featured Open-End Lending (MFOEL). Earlier this week, Senior staff from CUNA submitted correspondence to NCUA which would seek to have the agency revise or supplement its Letter to Federal Credit Unions 10-FCU-02 in order to provide more clarity for credit unions offering these MFOEL programs. In the event that NCUA issues further guidance concerning MFOEL to its examiners, CUNA has also requested that the agency make such guidance available on its Web site so that credit unions may readily access this information. CUNA recognizes that any additional guidance in the area of MFOEL must be coordinated with the CFPB, and to this end, today delivered similar correspondence to the CFPB requesting that the agency work together with the NCUA, especially relating to any possible changes to the Official Staff Commentary to Regulation Z.