A debit card geared to teenagers has generated strong interest among youth seeking financial independence and parents not
yet ready to cede all financial controls. Meriwest Credit Union’s new Flow Account allows teenagers to carry a personal
Visa Debit Card rather than cash.
If a mortgage transaction involves residential property that is new construction, and the mortgage may not close for months,
will this impact when you provide the good faith estimate to the borrower?
At press time, the National Credit Union Administration (NCUA) and all of the federal banking agencies (except the Office of Thrift Supervision) had approved the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) regulations.READ MORE
Financial institutions were recently reminded of the importance of ensuring marketing materials, products, and services are not unfair, deceptive, or abusive. This month the CFPB ordered Bank of America to pay $727 Million in consumer relief for illegal credit card practices. Bank of America was found to have misled consumers about the cost of the […]
Have you begun to look over the new requirements for the TILA-RESPA integrated disclosure rule? If not, don’t worry to much, yet. This rule was finalized and released in November 2013. This rule becomes effective on August 1, 2015. While there is some time before the effective date, I would not recommend waiting until next […]
One of the things PolicyWorks continues to assist our credit union clients with is wading through the deep waters of mortgage regulation. As CFPB Director Richard Cordray has acknowledged, many of the business practices implemented by the January 2014 mortgage rules have long been standards credit unions have adhered to. However, a tidal wave of […]