On August 20, Credit Union National Association (CUNA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) on its request for information on senior financial exploitation. In the comment letter, CUNA supports efforts by the CFPB to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management. Credit unions offer a broad range of financial services to meet th
The Consumer Financial Protection Bureau (CFPB) recently held a roundtable meeting to discuss the proposed rule and forms to combine certain disclosures required under the Real Estate Settlement Procedures Act (RESPA) with disclosures required under the Truth in Lending Act (TILA), as well as the proposed rule to implement recent changes to the Home Ownership and Equity Protection Act (HO
On Thursday, August 16, Credit Union National Association (CUNA) submitted a comment letter to the Commodity Futures Trading Commission (CFTC) regarding its proposal to provide a clearing exemption for certain swaps entered into by cooperatives. Under the proposed exemption, the CFTC would permit cooperatives with $10 billion or more in assets to elect not to clear swaps in connection with originating loans for members or that hedge or mitigate
The Missouri Credit Union League, with Credit Union National Association (CUNA) and other member leagues, are working to obtain further clarifications on the designation of low income state-chartered credit unions. The National Credit Union Administration (NCUA) recently alerted about 1,000 federal credit unions on their eligibility for the low-income credit union designation.
Luetkemeyer Meeting at Missouri Credit Union House
Credit union representatives gathered at Missouri Credit Union House in Jefferson City to meet with Congressman Blaine Luetkemeyer (R-District 9) on August 13. In addition to discussing bills and issues in Congress, Luetkemeyer urged credit unions to make advocacy a priority.
Missouri Federal Lawmakers Ask CFPB to Delay and Study Remittances Regulation
Four Missouri members of the U.S. Congress signed a letter encouraging the Consumer Financial Protection Bureau (CFPB) to delay and study the impact of its proposed remittances regulation, Section 1073 of the Dodd-Frank Act. There is concern that the final rules as written will drastically curtail the availability of international transfers to consumers.
On Wednesday, August 15, NACHA - The Electronic Payments Association released three new proposed ACH rules that would modify the NACHA Operating Rules. The first proposed rule would standardize the use of the ACH Network for person-to-person (P2P) payments, which are not currently addressed under the Operating Rules. The second
The Electronic Payments Association, known as NACHA, confirmed they will not proceed with the Expedited Processing and Settlement (EPS) proposal, after the balloting process at NACHA. The EPS proposal would have required a new premium same-day, network-wide service on the Automated Clearing House (ACH) network.
On the same day as the Consumer Financial Protection Bureau (CFPB) proposed its own rule on appraisals and valuations discussed above, the joint federal banking regulators, including National Credit Union Administration (NCUA) and the CFPB, proposed a separate rule concerning the appraisal requirements relating to “higher-risk” mortgage loans. General comments on this rule are also due on October 15, 2012, and this rule is also required to be finalized by the agencies by January 21, 2013.