The Consumer Financial Protection Bureau has consolidated its new and pending mortgage rules, and associated implementation materials, into a new one-stop regulatory resource for credit unions and others impacted by and interested in is rules.
The bureau's new Regulatory Implementation web page includes:
State-chartered credit unions and other tax-exempt organizations must file their 990 forms by May 15 or risk losing their tax-exempt status, the Internal Revenue Service reminded on Friday.
State-chartered credit unions are required to file Form 990 with the IRS annually, although a few states still permit group 990 filings. Federal credit unions are not required to file, since they are not subject to unrelated business income taxes. Read More
The Consumer Financial Protection Bureau has favorably responded to the Credit Union National Association's recent request that the agency delay a June 1 effective date relating to the prohibition on financing certain credit insurance charges. The provision is contained within the bureau's mortgage loan originator compensation rule.
The CFPB told CUNA it will seek comment for 15 days on a proposed delay.
CUNA had expressed concern that certain language within the new rule needed clarification, and that a June 1 effective date of this prohibition could upend practices at some credit unions. However, CUNA does not support the financing of actual single premium insurance charges. Read More
As expected, the Consumer Financial Protection Bureau didn’t implement any changes credit unions were seeking to its final remittance rule, but the regulator did give remittance providers six months to comply, announcing an Oct. 28, 2013 effective date.
In the final rule issued Tuesday, remittance transfer providers will be required to disclose certain fees and taxes, as well as the exchange rate that will apply to the transfer.
The rule also provides consumers with error resolution and cancellation rights. Read More