Articles by Michael McLain
CUs can’t require any form of credit verification when members request advances, NCUA rules say.
December 31, 2012
Review policies and procedures to ensure conformance with NCUA’s updated guidance.Read More
CFPB develops new ‘loan estimate’ and ‘closing disclosure’ forms.
October 1, 2012
CFPB’s “Know Before You Owe” project is an effort to combine the early disclosures required by TIL and RESPA into one document.Read More
Agency targets mortgage originations, escrow accounts, and high-cost loans.
July 20, 2012
The Consumer Financial Protection Bureau addresses mortgage originator standards, high-cost mortgages, and escrow accounts.Read More
Agency puts priority on consolidated mortgage disclosures.
May 21, 2012
Agency puts priority on consolidated mortgage disclosures.Read More
SCRA’s interest-rate limitations trigger requirements under Truth in Lending and Reg Z.
March 22, 2012
The first thought a CU has when it learns a member is in the military or is about to go on active duty is that it will have to comply with the Servicemembers Civil Relief Act.Read More
But fees are still limited during the first year following account opening.
January 13, 2012
The original rule regarding the limitation of fees during the first year after an account is opened remains in place and credit unions should continue to comply with it.Read More
FTC’s final rule outlines what’s unfair or deceptive in advertisements.
November 22, 2011
In July, the Federal Trade Commission issued a final rule relating to unfair or deceptive acts and practices in mortgage loan advertisements.Read More
Fed’s Reg Z final rules affect when CUs must send periodic statements.
September 24, 2011
Some CUs are confused about the 14-day timing requirement for periodic statements.Read More
Final rule addresses preferential rates, floor rates, and consumers’ ability to pay.
July 18, 2011
The Federal Reserve Board issued a Regulation Z final rule in March 2011 clarifying prior rules related to the Credit Card Accountability, Responsibility, and Disclosure Act.Read More
Still more clarification is needed on the Fed’s Reg Z changes.
May 18, 2011
Still more clarification is needed on the Fed's Reg Z changes.Read More