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HCUA, Federal Lawmakers Share Concerns with CFPB Proposed Small Dollar Loan Rule

Oct
07
HCUA, Federal Lawmakers Share Concerns with CFPB Proposed Small Dollar Loan Rule

The Heartland Credit Union Association (HCUA) shared concerns with the Consumer Financial Protection Bureau (CFPB) on behalf of member credit unions regarding its proposed rule concerning payday, vehicle title and covered loans. The deadline for comments was October 7. 

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Call to Action: Share Your Small Dollar Loan Successes with CFPB

Sep
20
Call to Action: Share Your Small Dollar Loan Successes with CFPB

Calling all credit union employees! The Heartland Credit Union Association and the Credit Union National Association need your help in sharing examples that demonstrate how you and your fellow staff members serve your credit union members with short-term, small dollar loans. In particular, instances where members received credit union help after experiencing an unplanned or emergency expense.

Posted By Susan Dyer read more

HCUA Comments on CFPB Proposed Arbitration Rule

Aug
22
HCUA Comments on CFPB Proposed Arbitration Rule

Heartland Credit Union Association (HCUA) submitted a comment letter on behalf of member credit unions to the Consumer Financial Protection Bureau (CFPB) regarding its proposed arbitration rule. The proposed rule would eliminate arbitration clauses that are routinely included in many contracts for consumer financial products.

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Regulatory Advocacy Alert: CFPB’s Proposed Rule Would Eliminate Arbitration Clauses

Jul
29
Regulatory Advocacy Alert: CFPB’s Proposed Rule Would Eliminate Arbitration Clauses

August 22 is the deadline for comment letters regarding the Consumer Financial Protection Bureau’s (CFPB) proposed arbitration rule. The proposed rule would eliminate arbitration clauses that are routinely included in many contracts for consumer financial products. These arbitration clauses can protect credit unions from class action lawsuits when requiring arbitration as an alternative dispute resolution process.

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Kansas and Missouri U.S. Senators Sign CFPB Exemption Authority Letter

Jul
19
Kansas and Missouri U.S. Senators Sign CFPB Exemption Authority Letter

All four U.S. Senators from Missouri and Kansas signed a letter to the Consumer Financial Protection Bureau (CFPB), urging the agency to use its exemption authority when implementing regulations. U.S. Senators Roy Blunt (R-Missouri), Claire McCaskill (D-Missouri), Jerry Moran (R-Kansas) and Pat Roberts (R-Kansas) joined 66 other senators in signing the letter.

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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.

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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

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.

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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).

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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

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