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In a new Final Rule Analysis, the Credit Union National Association notes that the Consumer Financial Protection Bureau's recent amendments to Regulation Z will likely benefit some credit card issuers, but should not have a major impact on credit union issuers directly, because credit union fees on members' credit card accounts are typically well below the limit.

Regulation Z generally limits the total amount of fees that an issuer may charge on a consumer's credit card account to 25% of the credit limit in effect when the account is opened.  Read More
At what was a very brief meeting this morning, the National Credit Union Administration has just voted to seek comments on a proposal that clarifies and reorganizes portions of its rule addressing federal credit union ownership of fixed assets.  Comments will be due 60 days after the plan is published in the Federal Register.  Read More
The U.S. House has approved by voice vote the Eliminate Privacy Notice Confusion Act (H.R. 749), and the bill will now move on for Senate consideration.

Credit Union National Association President/CEO Bill Cheney said the bill "will make privacy notifications more meaningful by removing a costly and duplicative paperwork requirement that has been no real help to consumers.   Read More
The Credit Union National Association is now offering its popular "Pressing Regulatory and Compliance Issues Audio Conference" free to affiliated credit unions and its first program of 2013 is being offered March 7.  Read More
The National Credit Union Administration on Thursday approved separate final rules that expand the definition of "rural district" for field of membership purposes, and grant new investment authority to credit unions.  Read More
The Consumer Financial Protection Bureau assured Wednesday that it has plans to publish plain language guidance, work with other federal regulators and increase consumer outreach efforts as new mortgage regulations are implemented over the coming year.   Read More
The Consumer Financial Protection Bureau on Wednesday provided more details on how it will help regulators and lenders comply with the bureau’s new mortgage regulations.

The effort will address rules finalized last month defining qualified mortgages, a consumer’s ability to repay, and new rules for mortgage servicers that go into effect in January 2014.  Read More
The Consumer Financial Protection Bureau's exemption for "small" mortgage servicers will not apply to a third party subservicer if a credit union contracts with a third-party that services more than 5,000 mortgages, the agency has clarified.
 
Credit unions recently asked the Credit Union National Association to clarify how the CFPB's "small servicer" exemptions would impact their work with mortgage subservicers. Read More
 
As Credit Union National Association compliance staff looked back through January's regulatory results, they detected a rarity—something credit unions will hope will form a new trend. The National Credit Union Administration and the Consumer Financial Protection Bureau both appeared not only to think about how their actions might burden the regulated, they also took steps to do something about it.

January was a busy month for new rules to say the least,. The NCUA addressed the small credit union definition, its 2013 annual performance plan, and low-income designations. The CFPB released a barrage of mortgage regulations.  Read More
The Credit Union National Association has added an escrow account compliance chart to its list of resources developed to help its member credit unions comply with new Consumer Financial Protection Bureau mortgage rules.

The chart format is designed to help credit unions find the specific information they are looking for quickly.  The chart covers the basics of the new rule and more detailed information, including:
  • Effective dates;
  • Exemptions and exceptions;
  • Significant definitions; and
  • What the new rule will change.

For additional information, read more.