In 2010, there were an estimated 3,400 credit unions engaged in multi-featured open-end lending.
Today, that number has dropped significantly due to a change to regulation in 2010, which made it difficult for credit unions to verify sufficient information at the time of a loan request to manage the risk changes, said Bill Klewin, director of regulatory compliance at CUNA Mutual Group.
Befuddled by when a member's credit information should be checked and which types of transactions are allowed under MFOEL plans, the NCUA issued further guidance in July in an attempt to clear up any misunderstandings.
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