Newsroom
October 02, 2013
CU Advisory Council talks CARD Act, mortgage rules
Oct. 3, 2013 – Representatives of NAFCU member credit unions and others that make up the CFPB's Credit Union Advisory Council held its quarterly meeting in Chicago and also attended the bureau's field hearing Wednesday on credit cards.
During its own meeting, the advisory council discussed the CFPB's report on the market impact of the 2009 Credit Card Accountability, Responsibility and Disclosure Act; CFPB mortgage rules set to take effect in January; and the relationships between financial institutions and third-party payment processors.
NAFCU member representatives on the council include John Buckley of Gerber FCU, Mich., Marcus Schaefer of Truliant FCU, N.C., Camille Shillenn of Unified People's CU, Wyo., Helen Godfrey Smith of Shreveport FCU, La., and David Wright of Services Center FCU, S.D.
The CFPB field hearing, which the council attended, focused on the results of the report on the CARD Act's impact on the market. The report showed that, between 2008 and 2012, credit costs and the size of late fees declined for credit card consumers. It also showed that overlimit fees had been "effectively eliminated" and that "responsible access to credit remains available."
The bureau also highlighted areas of continuing concern, such as add-on products which mislead consumers, fee harvester cards, deferred interest products and disclosures about grace periods and other issues.
NAFCU submitted a letter to the CFPB Wednesday pointing out the value credit unions provide their members through their credit-card offerings.
During its own meeting, the advisory council discussed the CFPB's report on the market impact of the 2009 Credit Card Accountability, Responsibility and Disclosure Act; CFPB mortgage rules set to take effect in January; and the relationships between financial institutions and third-party payment processors.
NAFCU member representatives on the council include John Buckley of Gerber FCU, Mich., Marcus Schaefer of Truliant FCU, N.C., Camille Shillenn of Unified People's CU, Wyo., Helen Godfrey Smith of Shreveport FCU, La., and David Wright of Services Center FCU, S.D.
The CFPB field hearing, which the council attended, focused on the results of the report on the CARD Act's impact on the market. The report showed that, between 2008 and 2012, credit costs and the size of late fees declined for credit card consumers. It also showed that overlimit fees had been "effectively eliminated" and that "responsible access to credit remains available."
The bureau also highlighted areas of continuing concern, such as add-on products which mislead consumers, fee harvester cards, deferred interest products and disclosures about grace periods and other issues.
NAFCU submitted a letter to the CFPB Wednesday pointing out the value credit unions provide their members through their credit-card offerings.
Share This
Related Resources
Add to Calendar 2024-05-07 14:00:00 2024-05-07 14:00:00 BSA Training for the Board of Directors This webinar, BSA Training for the Board of Directors provides vital training with a comprehensive overview of the Bank Secrecy Act (BSA), anti-money laundering (AML) and combatting the financing of terrorism (CFT) compliance requirements. You’ll explore the ramifications of non-compliance and gain insights into the expectations and requirements set forth by the National Credit Union Administration (NCUA). This includes discovering how board engagement plays a pivotal role in fostering a robust BSA/AML compliance program within your credit union. Don’t miss this opportunity to equip your board with the knowledge and insights needed to navigate the regulatory landscape effectively. Key Takeaways Identify BSA/AML compliance requirements Review board member duties as it relates to BSA/AML compliance Examine current regulatory actions that may impact 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 May 2, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar NCBSOs will recieve 1.0 CEUs for participating in this webinar NCVEs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
BSA Training for the Board of Directors
Credits: NCCO, NCBSO, NCRM, NCVE
Webinar
Add to Calendar 2024-05-06 14:00:00 2024-05-06 14:00:00 Overview of Regulation CC Join us for this webinar, Overview of Regulation CC, and you’ll delve into the intricacies of the Expedited Funds Availability Act and Regulation CC. This includes gaining invaluable insights on effectively implementing funds availability requirements, navigating the process of placing holds on deposited items and crafting comprehensive disclosures for your members. Don't miss this opportunity to enhance your understanding of regulatory compliance in the financial landscape. Key Takeaways Know the funds availability requirements Learn what must be included in disclosures Comprehend extended holds 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 April 18, 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
Overview of Regulation CC
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Add to Calendar 2024-05-03 09:00:00 2024-05-03 09:00:00 Blind Spots in the Boardroom Listen On: Key Takeaways: [04:19] For a board to change its practices first it needs to be committed to different outcomes. It takes about 30 times for a board to start to be in a new conversation before they start to get their brain rewired to embody the change [07:24] In merger conversations we lose sight of what is important for the member. We need to look at what the continuing organization will look like and what is the leadership the membership and continuing organization need and deserve. [12:39] An educated board and executive team are a sharper team. When you have sharper leaders in the organization good things come from that. [24:22] If we are not taking care of that relationship with the CEO then we are strategically hampered. With a good CEO evaluation, the board is higher performing, the CEO is more attentive to being high performing, and the relationship is high performing and more genitive. Web NAFCU digital@nafcu.org America/New_York public
Blind Spots in the Boardroom
preferred partner
DDJ Myers
Podcast
Get daily updates.
Subscribe to NAFCU today.