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Metsger to CFPB: Exempt Payday Alternative Loans in Proposed Rule

The NCUA Chair says the agency regulations provide the necessary consumer protection.

New Federal Application Process Could Result in More “Rural” Designations for Mortgage Lenders

Some Northwest credit unions may find mortgage lending regulatory flexibility in a new process to receive “rural” designation.

Compliance Center: Regulators Release Updates to Unified Agendas

Get details on the updated Unified Agendas of the CFPB, NCUA, and other federal regulatory agencies; your question answered about Reg E claims where no error occurred; plus this week’s legal briefs.

Foster-Keddie Assumes Chairmanship of CFPB Credit Union Advisory Council

The Council was created to give the CFPB direct feedback from credit unions on the impact of regulation on credit unions’ daily operations.

Compliance Center: Three Announcements From the CFPB

Get the latest big announcements from the CFPB; your question answered about NSF notices; plus this week’s legal briefs.

CFPB Announces Final HMDA Rule

The NWCUA and CUNA point out the rule’s detrimental impact—especially on small credit unions—despite certain concessions.

Offer TRID Grace Period: NWCUA to CFPB

The Association sent a letter to the CFPB with three requests regarding upcoming TRID implementation, the most urgent of which is for a transitional implementation grace period through the end of the year.

CFPB Makes Consumer Complaint Stories Public

The bureau says that making these stories public empowers consumers and informs the bureau, the public and financial institutions.

Compliance Center: CFPB Launches Effort to Advance Financial Education in Schools

Financial education resource guide published by CFPB; your question answered about using power of attorney to access account after death; plus this week’s legal briefs.

CUNA’s Credit Union Magazine Shares the Top 10 Issues on the CFPB’s Radar

Annual privacy notices, prepaid cards, and overdraft programs three of the CFPB’s top 10 priorities for 2015, according to Credit Union Magazine.

Compliance Center: CFPB Releases Fall Rulemaking Agenda

CFPB to focus on mortgages, prepaid cards and payday loans; certificate account compliance question; and legal briefs.

Legal Briefs

Your weekly update on the regulatory landscape.

CFPB Still has Concerns Regarding Credit Cards

The Consumer Financial Protection Bureau says the CARD Act has reduced penalty fees and made the cost of credit clearer for consumers. But the bureau says it is still concerned about add-on products, deferred-interest products, fee-harvester cards, and disclosures.

Additional Mortgage-Rule Amendments Expected Soon

The Consumer Financial Protection Bureau is expected to amend its mortgage rules in response to lender concerns. Lenders are expected to support the changes but may have concerns about meeting the implementation deadlines.

Credit Union Security Vigilance Urged as New Cyber Attack Warnings are Issued

The FBI has warned financial institutions of the possibility of a Sept. 11 cyber attack. The NWCUA’s compliance team continues to track internet chatter warning of cyber attacks and offers security information to member credit unions.

The CFPB Released Spring Update to the Unified Agenda of Rulemaking

Credit union compliance specialists will want to review the semi-annual update to the CFPB rulemaking agenda. The Compliance Update highlights some of the important revisions.

CFPB Publishes Compliance Guides for the Loan Originator and Mortgage Servicing Rules

The CFPB has issued another round of new “plain-English” rule overviews; the latest addressing Loan Originator and Mortgage Servicing Rules. The weekly compliance report covers the bases for credit union professionals.

Legal Briefs

Your weekly update on the regulatory landscape.