On February 11th the Consumer Financial Protection Bureau (“CFPB”) published a rule in the Federal Register that proposes to expand the definition of small creditor under Section 1026.35 of Regulation Z. Currently a lender...
A week ago today the Consumer Financial Protection Bureau (CFPB) released a study they conducted on arbitration agreements used by financial servicers. Tens of millions of consumers use financial products or services (i.e. credit...
We know that fair lending is a hot topic right now and rightfully so. We all want to do the “right thing” in our lending practices. So, we take the time and effort to...
Does your credit union currently offer member business loans (MBLs)? Do you ever feel overwhelmed trying to find regulatory guidance or other important information pertaining to member business lending?
In February, the CFPB took action against three mortgage companies, Flagship Financial Group , American Preferred Lending , and All Financial Services , for allegedly violating Regulation N, Mortgage Acts and Practices Advertising. This rule prohibits “any person to make...
The next big ticket item on your compliance to-do is preparing for the CFPB’s Integrated Disclosures rule which becomes effective August 1st. The rule combines the disclosures required under Regulation Z and RESPA into...
The clock is ticking on two deadlines that may benefit your credit union! First off – the CFPB is accepting applications for its advisory groups, including the Credit Union Advisory Council. The council was...
During a recent NCUA Town Hall Webinar, CFPB Director Richard Cordray made some positive comments regarding credit unions, stating that “credit unions were the true consumer protectors” long before the CFPB was even conceived. Those...
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