Lending

WASHINGTON — A new mortgage disclosure regime due to take effect on Aug. 1 is unlikely to cause closing delays, according to Consumer Financial Protection Bureau Director Richard Cordray.

NOTRE DAME, Ind. — Notre Dame Federal Credit Union has partnered with five regional credit unions to provide Relevant Radio of Green Bay, Wis., a $5.25 million Term Loan Facility.

CFPB and Justice are taking a renewed interest in redlining, the practice of lenders charging more for products or excluding altogether minorities within certain geographic areas — and their findings may be surprising.

Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

The Pentagon will move forward with new restrictions on high-cost loans to soldiers after a Republican-led effort to delay those rules failed early Thursday on Capitol Hill.

ONTARIO, Calif. — CU Direct said it has signed agreements with nine credit unions for them to implement the company's Lending 360 Loan Origination System (LOS).

Strategic Link, a wholly owned subsidiary of the Northwest Credit Union Association, has added Mirador Financial, a small business lending platform for financial institutions, to the list of service providers available to CUs.

MERIDEN, Conn.—Small credit unions in Connecticut are set to receive marketing assistance for the rest of 2015 thanks to a partnership between the Connecticut CU League and a marketing firm specializing in credit union promotions.

FICO recently unveiled a pilot program under which a dozen of the country's largest credit card issuers will use data from "alternative" sources to generate credit scores for an estimated 15 million Americans who are either unbanked or under-banked and, up until now, had no credit score.

ELGIN, Ill.—Lending Solutions Inc. announced it has signed eight new clients for its lending and contact center services during Q1.

Should credit unions consider making student loans to students' parents, instead of the students themselves?

Low-income borrowers are responsible for much of the recent surge in student loan defaults and delinquencies, according to new research by the Federal Reserve Bank of New York.

WASHINGTON — The Consumer Financial Protection Bureau filed a lawsuit Tuesday against the owner of several tax-preparation outlets who allegedly steered low-income clients into expensive loans against their anticipated refunds.

VIENNA, Va. — Navy Federal Credit Union said it has closed a "record-breaking deal" with the Marine Corps Heritage Foundation (MCHF) on a commercial construction loan to complete the National Museum of the Marine Corps in Triangle, Va.

The Consumer Financial Protection Bureau's proposed rule cracking down on predatory payday lenders could wind up shutting down some credit unions' consumer-friendly payday loan alternatives.

NORTHRIDGE, Calif. — CU Business Partners has rebranded as Extensia Financial, the CUSO announced.

Navy Federal Credit Union closed over $1 billion worth of mortgages in March, and $2.5 billion year-to-date.

WASHINGTON — CUNA and NAFCU each submitted comment letters to the Consumer Financial Protection Bureau regarding 2013 Regulation X (RESPA) and Regulation Z (TILA) Mortgage Servicing Rules, urging the CFPB to adopt several changes and clarifications.