The Consumer Financial Protection Bureau (CFPB) released proposed amendments to the ability-to-repay rule. Also in today’s 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?”
The Consumer Financial Protection Bureau’s final remittance transfer rule takes effect October 28. The rule was delayed for eight months after credit unions requested more weigh in with the regulator. The NWCUA and Northwest credit unions did offer comments and while some relief was granted, the outcome isn’t all credit unions hoped for.
Credit unions that charge a fee for non-member ATM use must post a sign warning consumers of the fee and must meet certain other benchmarks to ensure compliance with Regulation E.
In the interest of greater transparency, CAMEL ratings will be disclosed to federally-insured state credit unions when the NCUA examiners perform insurance reviews.