If finalized, the CFPB’s proposal would extend the temporary exception until July 21, 2020.
The NCUA’s October cease-and-desist order wasn’t enough to save the tiny Bagumbayan Credit Union in Chicago.
Rules took effect Monday and Self-Help FCU sees benefits.
With the effective date of the revised loan participation rule less than one week away, credit unions and CUSOs have taken another look at their lending programs to see if any adjustments need to be made.
CUs and CUSOs look at lending programs to see if any adjustments needed before Sept. 23 effective date of new NCUA rule.
Now that the NCUA has approved changes to the loan participation rule, Catalyst Corporate Federal Credit Union said it is ready to roll out a new program.
The Consumer Financial Protection Bureau released its final remittance rule April 28 and gave providers six months to comply, setting an Oct. 28 effective date. The bureau had originally proposed a 90-day compliance window following its release of the final rule.
The large and growing need for affordable remittance transfer services represents an equally large business opportunity for credit unions. This is especially true for those U.S. cooperatives serving Hispanic members with family in Latin America.
A new report from the Center for Financial Services Innovation suggests that products and services marketed to unbanked and underbanked consumers could represent a huge and growing market for the nation’s credit unions.
Once the domain of Latin mom-and-pop shops, remittance services have in recent years become accessible to Hispanic and other consumers through their local credit unions.