Compliance

WASHINGTON – President Obama’s nomination of recess appointee Richard Cordray this afternoon to a full five-year as director of the Consumer Financial Protection Bureau is expected to rekindle the battle over creation of the new consumer agency, which was heatedly opposed by Republicans in Congress.

WASHINGTON – President Obama is expected later today to nominate Richard Cordray, director of the fledgling Consumer Financial Protection Bureau who was seated last year as an abbreviated recess appointee, to a full term heading the new agency.

HOUSTON – Just as you thought suits over ATMs would abate because of new disclosure rules, a new kind of ATM suit alleging violations of the Americans With Disabilities Act’s access for the blind requirements is popping up in several states.

ALEXANDRIA, Va. – NCUA and the banking regulators proposed guidance today for credit unions and banks using Facebook, Twitter and other social media, which would ensure that users abide by proper consumer rules and regulations, and limit potential legal risks, among other things.

The Consumer Financial Protection Bureau amended its latest rules to exempt small credit unions and banks that originate and service fewer than 5,000 mortgage loans, and while both CUNA and NAFCU are pleased with the amendment, CUs are still concerned about the new rule.

The Consumer Financial Protection Bureau's new rules for mortgage lenders reflect a belief that an overly restrictive rule would have been more harmful to consumers than no regulations.

WASHINGTON – Credit unions celebrated yesterday when the Consumer Financial Protection Bureau announced it was expanding the exemption criteria for its new mortgage servicing rules – but that celebration may have been premature.

The Consumer Financial Protection Bureau set new rules last week that will require credit unions, banks and other mortgage lenders determine a borrower's ability to repay their loans.

Brad Pricer of CUNA Mutual Group has offered the following outline of key healthcare reform requirements taking effect this year that are garnering the most attention and questions from CUs.

Not much has changed regarding healthcare reform since the Supreme Court's decision to uphold President Obama's healthcare law-except that a number of important compliance deadlines are now bearing down on employers.