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CUNA Seeks Guidance and Clarification on MFOEL

Feb
03
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.

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Update on NCUA's Loan Participation Proposal

Jan
18
Update on NCUA's Loan Participation Proposal

A proposal was issued for comments at the National Credit Union Administration's (NCUA's) board meeting in December that would impose concentration limits on credit unions purchasing loan participations.

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ATM Fee Lawsuits on the Rise

Dec
22
ATM Fee Lawsuits on the Rise

 

Credit unions in Texas and Louisiana are facing lawsuits this month for failing to properly disclose ATM fees. New York resident Don Anderson is alleging violations of the disclosure provisions of the Electronic Funds Transfer Act (EFTA), also known as the Federal Reserve Regulation E. 

When credit unions charge a fee to a consumer using a non-credit union ATM network card or debit card, Section 205.16 of the EFTA requires:

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