CFPB Proposes Minor Changes to the Ability-to-Repay Rule

The Consumer Financial Protection Bureau (CFPB) released proposed amendments to the ability-to-repay rule. Also in today‚Äôs Anthem: Legal Briefs, and the Question of the Week: “When advertising a loan product, if I want to disclose the APR, what else am I required to disclose?”

Compliance Question of the Week

Is there a quick reference I can use for advertising compliance?

Regulation Z Impacts ‘Skip-a-Payment’ Programs

Many credit unions offer “skip-a-payment” programs to their members, particularly during the holiday season, but changes to Regulation Z have impacted the regulation and reporting associated with these programs.

Fed Increases Jumbo Mortgage Escrow Threshold

While the Fed increased the APR threshold, CUNA notes that credit unions have the option to continue to follow the lower threshold that applied prior to the change.