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CFPB on Thursday proposed significant changes to the small creditor exemption requirements in its ability-to-repay/qualified mortgage regulation, suggesting an increase in the total-loan threshold from 500 to 2,000 and factoring mortgage affiliates into the asset threshold of $2 billion.
NAFCU, with other financial trade organizations, laid out principles for patent reform to address the issue of demand letters and deceptive patent troll behavior in a letter to all members of the House and Senate on Wednesday.
Credit unions are clear to offer Interest on Lawyer Trust Accounts (IOLTAs) with federal share insurance under NAFCU-sought legislation enacted last month, but the law's impact on other, similar accounts is still being reviewed by NCUA, NAFCU Director of Regulatory Affairs Alicia Nealon says.
Larry Fazio’s commentary (“Revised RBC Proposal Reflects Lessons Learned,” Jan. 22, 2015, CU Times) cites the financial crisis as the catalyst for the NCUA’s second risk-based capital proposal, stating that many of the failures would have been prevented in part if this new rule had been in place.
The CFPB recently issued a final rule making changes to the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures Rule (TILA/RESPA final rule). The TILA/RESPA final rule, inclusive of these latest changes, becomes effective on August 1, 2015.
On January 15, 2015, the NCUA Board issued a second proposed rule regarding risk-based capital for credit unions that amends their first risk-based capital proposal issued nearly a year prior. NAFCU SVP of Government Affairs and General Counsel Carrie Hunt gives an update on the new proposal.
The time and resources it takes to notify members, reissue cards, and make members whole in instances of fraud is overwhelming. Federal standards must exist for merchants on the safekeeping of financial and personal information, as well as data breach notification.