Overdraft Protection Disclosures – Verify ‘Opt-In’ Compliance Now

Be in compliance with Regulation E. Your Strategic Link Partners, Foster Pepper PLLC provide insight.

Compliance Center: Supreme Court to Hear Mortgage Rescission Case This Week

The Supreme Court is set to hear arguments this week about how and when borrowers can rescind their mortgage, plus question of the week and legal briefs.

Class Action Lawsuit Could Require Work by Credit Unions

A class action lawsuit may trigger an avalanche of paperwork for credit unions. The suit was filed on behalf of consumers who were charged fees for using their debit cards at ARCO gas stations and ampm minimarts. Also today: Legal Briefs, and the Question of the Week.

CFPB Proposes Extension of the Use of Estimates on Remittance Transfer Disclosures

The Consumer Financial Protection Bureau has released a proposed rule that would extend a temporary provision that allows credit unions to use estimates for certain fees on remittance transfer pricing disclosures. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Which logo do I use: Equal Housing Opportunity, or Equal Housing Lender?”

‘Simplified’ Mortgage Disclosures Won’t Be a Simple Change for Credit Unions

Complying with the Consumer Financial Protection Bureau’s first six mortgage rules, which became effective in January, didn’t fundamentally change the mortgage process for members. Complying with the seventh new rule, however, will absolutely change the disclosures and mortgage process for your members.

CFPB Releases Final TILA-RESPA Combined Disclosure Rule

The Consumer Financial Protection Bureau has released its long-awaited final rule for Integrated Mortgage Disclosures under RESPA and TILA.

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.

Compliance Question of the Week

Are new disclosures required for skip payments? The Compliance Question of the Week delves into Regulation Z.

Regulatory Cliff Now Has an Extended Effective Date

The CFPB extended the effective date for several mortgage disclosures that are required by the Dodd-Frank Act to Jan. 21, 2013, delaying several of the act’s provisions until the final TILA-RESPA rules are in effect.

CFPB Provides Clarification to Credit Card Account Opening Disclosures

Credit unions must update the website reference on their credit card applications and solicitations by Jan. 1, 2013, to reflect the transition of Reg Z to the CFPB. This is not a “significant change” and does not require a 45-day written notice.

CFPB Establishes Safe Harbor to Remittance Disclosures

In an amendment to Reg E, the CFPB concluded that institutions that conduct 100 or fewer remittance transfers per year—which includes roughly 80 percent of credit unions—should be exempt from remittance transfer requirements.

CMG: Prepare for Misunderstandings About New Retirement Plan Fee Disclosures

Credit unions have 4 days left to provide detailed information about employee retirement plan fees. Is your HR Department ready for the questions?

NCUA Clarifies Rules on Multi-Featured Lending

The NCUA issued a letter interpreting two-year-old changes to Reg Z that altered the way financial institutions could support open-ended lending. The letter clarifies the NCUA’s position on open-ended lending and certain multi-featured lending plans.

Compliance Question of the Week

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

CFPB Seeking Comment on Prepaid Cards

The CFPB has issued an advance notice of proposed rulemaking and is now seeking comment, data and information about general purpose reloadable prepaid cards. The bureau intends to issue a proposal to extend Reg E protections to cover GPR cards.

Washington State’s One-Page Mortgage Disclosure Rescinded as of June 7

The Washington DFI released a bulletin this week informing credit unions about a change in Washington law. Beginning June 7, disclosures that comply with RESPA will be considered compliant with the disclosure required under state law.

CFPB Addresses Military, Mortgage Disclosures, and Credit Unions

The CFPB, now fully operational after the installation of Director Richard Cordray, recently established an advisory council for credit unions, a tracking system for financial scams targeting the military and a revamped form for mortgage disclosures.

New Disclosures to be Required in International Transfers

The CFPB recently adopted new protections for consumers who transfer money internationally, now requiring up-front disclosure of exchange rates and fees.