CUNA Mutual Issues Update on Lending Compliance for MFOEL/MFL

In light of the recent NCUA Legal Opinion Letter regarding multi-featured lending plans, CUNA Mutual Group has issued a compliance update and announced two upcoming webinars that will offer additional clarification.

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.

Multi-Featured, Open-End Lending Support, from CMG

Addressing myths and misunderstandings about the impact of the MFOEL regulation changes, CUNA Mutual provides a best practices worksheet for credit unions.