NAFCU witness tells congressional panel that new CFPB rules add to the problem.
Rose Bartolomucci of Towpath Credit Union in Ohio testifies Wednesday to House Financial Services Committee.
The Consumer Financial Protection Bureau issued a final rule Nov. 20 that requires the use of new, simplified mortgage disclosure forms available in English and Spanish that detail the terms of a mortgage to homebuyers.
Now that the NCUA board has approved a proposal that would require all CUSOs to file financial reports directly with the regulator and the appropriate state supervisory authority, some CEOs of member business lending CUSOs have weighed on what the the changes may mean for their operations.
While it would seem like credit card compliance issues are in the rearview mirror, now is the perfect time for credit unions to review their procedures to ensure they remain compliant.
In contrast to current meteorological trends, predictions for the coming regulatory climate, according to one consultant, show escalating temperatures with little chance of relief.
Continuity Control's Perdue says nearly 12% of community financial institutions facing reg action of some kind.
Agency handles growing number of requests as compliance gets more complicated.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
New mortgage lending rules from the Consumer Financial Protection Bureau could affect the willingness of credit unions to offer new mortgage loans, a new CUNA survey showed.