Jan. 31, 2013 – 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.