Be in compliance with Regulation E. Your Strategic Link Partners, Foster Pepper PLLC provide insight.
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.
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.
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?”
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.
The Consumer Financial Protection Bureau has released its long-awaited final rule for Integrated Mortgage Disclosures under RESPA and TILA.
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.
Are new disclosures required for skip payments? The Compliance Question of the Week delves into Regulation Z.
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.
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.
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.
Credit unions have 4 days left to provide detailed information about employee retirement plan fees. Is your HR Department ready for the questions?
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.
Is there a quick reference I can use for advertising compliance?
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.
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.
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.
The CFPB recently adopted new protections for consumers who transfer money internationally, now requiring up-front disclosure of exchange rates and fees.