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New on the Compliance Blog: CFPB responds to HMDA closed-end mortgage threshold opinion, a look at SCRA benefit utilization
As credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.
Here's a roundup of what's new this week:
CFPB Highlights Low SCRA Benefit Utilization Among Military Reserves and Guard: Senior Regulatory Compliance Counsel Keith Schostag covers the CFPB’s recently released report on how active duty reservists or active duty national guard members take advantage of the Servicemembers Civil Relief Act (SCRA) benefits. The bureau found that they are missing out on nearly $9 million in interest savings yearly due to SCRA providing active duty servicemembers the right to a cap on interest on their loan.
CFPB Responds to Federal Court Vacating HMDA Closed-End Mortgage Threshold: Regulatory Compliance Counsel Justin White shares a breakdown of a recent opinion issued by U.S. District Court for the District of Columbia vacating the CFPB’s reporting threshold requirement for Home Mortgage Disclosure Act (HMDA) data on closed-end mortgage loans. White noted that the ruling nullified the 100 closed-end mortgage loans threshold and reestablished the threshold back to the 25 closed-end mortgage loans threshold, originally from 2015.
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