Multi-Featured, Open-End Lending Support, from CMG

by CUNA Mutual Group

Recent changes to multi-featured, open-end lending (MFOEL) resulting from modifications to Regulation Z have led to MFOEL-related discussions in the credit union marketplace. Myths and misunderstandings abound about the impact of the regulation changes, and the complexity of the regulations makes it virtually impossible to make general statements to solve every compliance question in the marketplace.

CUNA Mutual has created a MFOEL best practice worksheet to aid customer credit unions in preparing for an NCUA examination or upon receiving examination observations and recommendations. This worksheet outlines available NCUA best practice information, provides CUNA Mutual’s comments on each best practice, and includes an area for credit unions to identify the policies and procedures they’ve put in place for each one. Additional resources continue to be available in the MFOEL Tool Kit within CUNA Mutual’s Lending Resource Center. Customer log-in is required.

Posted in Compliance News, CUNA.