The Consumer Financial Protection Bureau (CFPB) issued an Interim Final Rule that broadens the availability of certain provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect on March 31, 2016. Read today’s Compliance update to find out more.
Some Northwest credit unions may find mortgage lending regulatory flexibility in a new process to receive “rural” designation.
Modernizations to privacy notification requirements, opening of FHLB membership to privately insured credit unions, and changes to the CFPB’s treatment of “rural” areas were all signed into law as part of a comprehensive highway bill.
The proposed rule would ease several constraints that deny millions of Americans the freedom to choose not-for-profit credit unions. Association calls for immediate response from credit union leaders and employees.
Answering the call to advocacy engagement, Oregon credit union advocates showed the Senator’s staff the impact regulatory burden has on their members’ ability to get the services they need.
Compliance Center: CFPB Proposes Amendment to Small Creditor, Rural or Underserved Areas Definitions
Learn more about the proposed CFPB amendment, learn how to verify a U.S. Treasury check, plus legal briefs.
The World Council of Credit Unions has become a worldwide leader in financial inclusion, most recently transforming the lives of nearly 1.4 million people in rural Mexico. In this guest article, Matt Garcia reports on the impact the WOCCU, new technologies and Mexico’s credit unions are having in Mexico.
The CFPB has amended the 2013 Escrows for Higher Priced Mortgages Rule. Our compliance team breaks down the changes to the final rule as it impacts county designations and consumer protections.
The CFPB has issued two new documents pertaining to the Truth in Lending Act.
Responding to rules proposed by the NCUA in September, NWCUA Board Chair Debie Keesee and BECU’s Parker Cann urged the NCUA to consider a higher asset threshold in defining small credit unions, while Pacific Crest’s Kathie Philp suggested an alternative definition for rural district.