Compliance

Just two weeks after issuing new mortgage rules, the Consumer Financial Protection Bureau added 1,800 pages of regulations covering mortgage servicing-which one analyst says will have an impact on systems and staffing at credit unions.

Bob Dorsa, president of the American Credit Union Mortgage Association (ACUMA), said the initial response from his membership to new mortgage servicing rules from the CFPB is that they are going to cost credit unions more money.

One credit union believes the new mortgage servicing rules from the CFPB are going to make life "quite difficult" for many CUs, depending on the kind of platform they have in place.

While legal and political wrangling continue around Richard Cordray's appointment as director of the Consumer Financial Protection Bureau, credit unions are being urged to continue to work to comply with all the rules set by the new agency.

WASHINGTON – Republican senators on Friday filed a bill that would block the Consumer Financial Protection Bureau from enforcing or implementing a host of new mortgage and credit card regulations until a new director is confirmed by the Senate – intensifying the chess game over the fledgling consumer agency.

WASHINGTON – Senate Republicans massed again today in opposition to the nomination to head the Consumer Financial Protection Bureau, insisting that President Obama agree to their terms for a five-person board to head the agency before they vote to confirm a director.

WASHINGTON – A Republican Senator called for the resignation of the director of the Consumer Financial Protection Bureau and three National Labor Relations Board members who a federal appeals court ruled Friday were illegally seated as recess appointees last year by President Obama.

WASHINGTON—Today’s ruling by a federal court invalidating several presidential appointments could threaten last year’s recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau, according to Republican leaders who brought the challenge.

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.

While more healthcare reform requirements kick in in 2014, the one to pay close attention to, according to one expert, is the "pay or play" mandate.

SACRAMENTO, Calif. – The California Department of Financial Institutions last week said it is eliminating paper examination reports for state chartered credit unions and banks as part of its latest cost-saving move.