Mountain West News
CU Credit Report Rights Covered in CU Mag |

Credit unions and others that use consumer reports must have a "permissible purpose" to obtain them according to the Fair Credit Reporting Act, and CUNA Director of Compliance Information Valerie Moss has outlined the circumstances under which the FCRA allows a credit bureau to release a credit report to a credit union in the May issue of CUNA's Credit Union MagazineMore

Mortgage Rule Relief Needed, CU Rep Tells CFPB |

The Consumer Financial Protection Bureau should consider meaningful exemptions for credit unions and other small financial institutions as it develops new mortgage servicing rules, American Southwest CU CEO Brian Barkdull said at a CFPB Small Business Regulatory Enforcement Fairness Act panel discussion held this week in Washington.  More

CFPB Extends Overdraft Comment Period |

On February 28, 2012, the Bureau of Consumer Financial Protection (CFPB) published a notice and request for information regarding the impacts of overdraft programs on consumers (the Overdraft Notice). The Overdraft Notice allowed a 60-day comment period, closing on April 30, 2012.  To allow parties more time to consider and craft their responses, the CFPB has extended the comment period until June 29, 2012.  Read the Federal Register notice here.  To help credit unions respond to this important request, CUNA has developed an on-line survey for gathering information.  We encourage you to complete the short survey to help ensure that credit unions’ interests are well represented with the CFPB and any future rulemaking that might be undertaken.  Go to the CUNA Survey.

CUNA Releases 12-Question CU Overdraft Survey |

The Consumer Financial Protection Bureau earlier this year distributed questionnaires to financial institutions to help evaluate how those institutions' overdraft policies affect consumers, and CUNA has responded, developing its own short 12-question survey designed to obtain information from credit unions regarding their overdraft protection, overdraft transfer, and overdraft marketing practices.  More

OFAC Adds Individuals/Entities Blocked Persons List |

The U.S. Department of the Treasury 's Office of Foreign Assets Control (``OFAC'') published the names of 2 individuals and 16 entities whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (``Kingpin Act'') (21 U.S.C. 1901-1908, 8 U.S.C. 1182).  Read more.

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