Not only are credit unions subject to strict field of membership and capital restrictions, they are also subject to the numerous consumer protection provisions in the Federal Credit Union Act, including the usury ceiling, the prohibition on prepayment penalties, and the member business lending cap.
The CFPB has recently finalized, and is currently working on, a number of regulations that have significant impact on the credit union industry. While NAFCU has a number of concerns with all the Bureau’s rules, this whitepaper covers the "Dirty Dozen" affecting credit unions today.