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.

LINC Up With the U.S. Small Business Administration

The Small Business Administration is launching a new online tool to connect entrepreneurs with lenders. Credit unions are invited to join.

Oregon Legislative Update: First Deadline in Oregon Capitol Reached

With credit union bills already passed houses of origin and moving forward, the first critical deadline of the legislative season leaves other bills ‘dead.’

Collectors, Lenders, Marketers Invited to Fall Councils in Beaverton

Lenders will learn about the impact of looming qualified mortgage rules on their loan originations, collectors will get an overview of the judicial foreclosure process and marketers will learn how to more effectively use their websites and social media in November, when the NWCUA convenes its next round of fall councils in Beaverton.

CFPB Updates Guidelines for Protecting Service Members in the Payday Lending Market

The Consumer Financial Protection Bureau (CFPB) has released updated guidelines for its examiners on how to identify consumer harm and risks related to Military Lending Act (MLA) violations.

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.

Western Sky Financial LLC Will Stop Funding Loans Next Week

Western Sky Financial, a lender who came under numerous state and federal microscopes for extreme interest rates, will stop making loans next week.

CFPB Issues Two Final Mortgage Rules

The CFPB has issued two final rules updating mortgage rules. One delays implementation of the rule prohibiting financing insurance premiums on transactions insured by dwellings. The other facilitates access rules exemptions for small creditors, community development lenders and housing stabilization programs.

NCUA Releases Interagency Statement Outlining Impact of Biggert-Waters Act

A joint statement issued by the NCUA and other federal agencies discusses the effective dates of certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012, as well as the act’s effect on the agencies’ proposed Interagency Questions and Answers.

CFPB Issues Guidance on Indirect Lending and ECOA Compliance

A bulletin released last week by the CFPB provided indirect auto lenders within the CFPB’s jurisdiction with suggestions for limiting fair-lending risks under the ECOA for discriminatory dealer markups.

Capital Access Program Connects Lenders with Small Businesses in Need

As credit unions continue to advocate for increased MBL capacity, the CAP program, a government-funded initiative available to financial institutions on a state-by-state basis, can help credit unions connect with small businesses in need of loans while offsetting some of the accompanying risk.

CFPB Releases First Three Final Mortgage Rules, More Expected

The CFPB last week issued the first three mortgage rule changes required by the Dodd-Frank Act, modifying ability-to-repay policies, escrow requirements for higher-priced mortgage loans, and changes to high-cost mortgage loan requirements.

Washington DFI Issues Statement of Charges Against Five Unlicensed Online Lenders, Including Western Sky Financial

The Washington Department of Financial Institutions is seeking restitution, prohibition from operating in the state and $669,300 in fines from five unlicensed online lenders owned and operated by Martin Webb. “These companies are preying on financially struggling Washington consumers with loans at unconscionable repayment terms,” said DFI’s Deborah Bortner.

Legal Briefs

Your rundown on the regulatory landscape.

Filene Study: How Credit Unions Grew Consumer Loans During Great Recession

Filene Research Group’s John Dangoia explains how credit unions increased the size of their consumer loan portfolios during the recent recession, illustrating the need to make the most of every lending opportunity.

Administration Enhances Foreclosure-Help Program

The Federal Housing Finance Agency announced changes to the Home Affordable Refinance Program to attract more underwater borrowers who could benefit from refinancing their home mortgages.

Tax Review Committee Holds Fall Hearing on Tax Preferences

The Citizen Commission for Performance Measurement of Tax Preference reviewed the B&O tax exemption for interest earned on first mortgage loans by banks in its Sept. 23 meeting.

Regulatory Advocacy Update: Association Weighs in on Important Proposals

The Northwest Credit Union Association pushes regulatory agencies as onslaught of new rules impact credit unions and consumers.