SAN ANTONIO – NASCUS continues to raise concerns with the Federal Trade Commission over a potential new rule related to disclosures in mortgage advertising that would apply to state-chartered CUs only.
In fact, state charters are the only depository institutions affected by the rule. “We are asking that state charters be exempted,” said NASCUS President Mary Martha Fortney, noting discussions with the FTC have been going on for more than a year.
Fortney said the FTC has listened to NASCUS’ concerns, which center on the additional level of compliance that would be required of CUs and the fact other lenders would be advertise the same products and terms but would not have to make the same disclosures.
The comment period on FTC’s proposal runs through Nov. 15.
