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Comment Letters due August 10 for CFPB Proposed Annual Privacy Notification Requirement

Jul
18
Comment Letters due August 10 for CFPB Proposed Annual Privacy Notification Requirement

The annual privacy notice requirement was lifted by Congress in December 2015, when the issue was included in the Fixing America’s Surface Transportation (FAST) Act. Missouri U.S. Congressman Blaine Luetkemeyer (R-District 3) sponsored the privacy notice legislation, and credit unions strongly supported the effort. The bill took effect upon signing, which means annual privacy notices are no longer required UNLESS there is a change in policy. This will save financial institutions unnecessary compliance costs.

Posted By Susan Dyer read more

CFPB Exemption Authority Letter Circulates in U.S. Senate

Jul
11
CFPB Exemption Authority Letter Circulates in U.S. Senate

A letter urging the Consumer Financial Protection Bureau (CFPB) to utilize its exemption authority for credit unions and other smaller financial institutions is circulating in the U.S. Senate. U.S. Senator Jerry Moran (R-Kansas), U.S. Senator Roy Blunt (R-Missouri) and U.S. Senator Claire McCaskill (D-Missouri) have already signed on to the letter.

Posted By David Kent read more

Credit Unions Attend CFPB Hearing on Small-Dollar Lending

Jun
07
Credit Unions Attend CFPB Hearing on Small-Dollar Lending

Kansas and Missouri credit union representatives attended the Consumer Financial Protection Bureau’s (CFPB) field hearing on its payday lending/small-dollar lending proposal on June 2. There was a capacity crowd for the event in the Kansas City Music Hall. Attendees from six credit unions and the Heartland Credit Union Association (HCUA) were scheduled to take part.

Posted By Nora Revie read more

June 2: CFPB Field Hearing in Kansas City – CU Participation Encouraged

May
27
June 2: CFPB Field Hearing in Kansas City – CU Participation Encouraged

The Consumer Financial Protection Bureau (CFPB) will hold a field hearing in Kansas City on June 2. It will focus on payday lending/small dollar lending. The hearing will feature remarks from Richard Cordray, CFPB Director, as well as testimony from pre-selected participants. Attendees should have the opportunity to ask questions.

Posted By Nora Revie read more

HCUA Comment Letter on HMDA (Regulation C)

Apr
01
HCUA Comment Letter on HMDA (Regulation C)

Heartland Credit Union Association (HCUA) sent a comment letter to the Consumer Financial Protection Bureau (CFPB) on the Office of Management and Budget (OMB) review of the Agency Information Collection Activities concerning the Home Mortgage Disclosure Act (Regulation C) (HMDA).  Primarily, HCUA feels that the HMDA cannot establish discrimination.

Posted By Sharon Bahr read more

Nominations Open for CFPB Advisory Groups

Jan
26
Nominations Open for CFPB Advisory Groups

Kansas and Missouri credit unions have a great opportunity to speak up for their members -  nominations for membership to the Consumer Financial Protection Bureau's (CFPB) Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB) are open until February 29, 2016.

Posted By Nora Revie read more

Letter to CFPB on Overdraft Survey

Nov
12
Letter to CFPB on Overdraft Survey

The Consumer Financial Protection Bureau (CFPB) is reviewing the current model form disclosure associated with financial institutions’ overdraft programs to identify whether alternative content or designs of the form may better support consumer comprehension and decision-making. 

Posted By Sharon Bahr read more

CFPB Delays Mortgage Disclosures to October 1

Jun
23
CFPB Delays Mortgage Disclosures to October 1

The Consumer Financial Protection Bureau (CFPB) has announced a two-month delay of a new rule, which would combine two mortgage disclosure regimes—the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). The news broke during the Missouri Credit Union Association’s (MCUA) statewide training seminar that addressed TILA-RESPA (also known as TRID).

Posted By Nora Revie read more

CFPB Calls for More Missouri Input

Jun
15
CFPB Calls for More Missouri Input

If your credit union offers overdraft protection (ODP) and has not participated in the Missouri Credit Union Association (MCUA) ODP survey – the Consumer Financial Protection Bureau is requesting your credit union’s input.

Posted By Nora Revie read more

MCUA to Weigh In on Second Part of CFPB's Credit Card Market Review

Jun
15
MCUA to Weigh In on Second Part of CFPB's Credit Card Market Review

In a May 18th comment letter to the Consumer Financial Protection Bureau (CFPB), the Missouri Credit Union Association (MCUA) provided input on a number of issues related to the credit card market.

Posted By Sharon Bahr read more

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