Newsroom
January 29, 2013
Input needed on ability-to-repay exemptions
NAFCU is looking to members for input, tomorrow and Feb. 5,on the CFPB's requests for comments on credit card rules, trial disclosures and the final ability-to-repay mortgage rule that takes effect next Jan. 10.
Here's a brief look at each, along with links to NAFCU's Regulatory Alerts (login required):
- Credit CARD Act: Members' input is due Feb. 1 on the CFPB's request for information on effects of the Credit CARD Act on the consumer credit card market. The review is mandated by the act and will look at the impact of the law on consumers as well as credit card providers. Comments are due to the CFPB Feb. 19. (See 13-EA-02)
- Trial disclosures: Input is due Feb. 1 on the bureau's policy proposal on trial disclosures. Issued as part of the CFPB's Project Catalyst initiative, the proposed policy addresses possible limited-time exemptions for individual entities from current federal disclosure laws in the interest of testing informative, cost-effective disclosures. Comments are due to the CFPB Feb. 15. (See 13-EA-03.)
- Ability to repay exemptions: Input is due Feb. 5 on the CFPB's proposed amendments to the ability to repay/qualified mortgage rule. The final rule takes effect next Jan. 10, but the CFPB is proposing some exemptions from the rule for entities serving low-income communities, including credit unions with less than $2 billion in assets. Comments are due to the CFPB Feb. 25. (See 13-EA-04.)
See more in Regulation.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.