Community Impact
Columbia CU Donates $13,900 to CMAC & Home With Heroes
The donations were made in connection with the credit union’s Veterans Appreciation Vehicle Loan promotion.
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Compliance
MLA Amendments: What They Mean for Your CU
The Military Lending Act amendments officially went into effect on October 3.
Military Lending: Basic Training
Strategic Link partner CUNA Mutual Group details the final rule from the DoD on the Military Lending Act.
Compliance Center: NCUA Issues Guidance on Military Lending Act Changes
How to keep your credit union compliant with recent Department of Defense updates; your question answered about the act’s effect on auto refinancing coverage; plus this week’s legal briefs.
News and Notes from Member Credit Unions
Gesa CU opens its eighth student branch, Mid Oregon CU pays it forward, Global CU promotes Military Saves Week, Sound CU announces a new Chief Business Services Officer.
NW Priority Volunteers to Serve Veterans and Their Families
Michael Murdoch of NW Priority shares how his credit union’s team took the late shift at a telethon to raise funds for veterans fighting mental health challenges.
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.
Global Joins Growing List of Credit Unions Offering Sequestration Relief Options
As consumers across the nation prepare for government sequestration and federal employee furloughs, Global Credit Union is offering short-term interest-free loans, no-fee loan extensions and penalty-free certificate withdrawals to give affected members the financial flexibility to live on a temporarily tightened budget.
NCUA Issues Guidance Concerning Mortgage Servicing Practices that Impact Servicemembers
The NCUA, FRB, CFPB and others jointly issued guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
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.
Legal Briefs
Your update on the regulatory landscape.
HUD Announces Revised Disclosure Notice on Military Homeownership Rights
The Act mandates that a foreclosure proceeding against certain military personnel is not valid unless the creditor has obtained a court order approving it and further states that the courts may stop the proceedings for a time or adjust the debt.