Articles by Michael McLain

Compliance Matters

Prepaid Protection

Agency aims to boost consumer safeguards for prepaid cards.
Comments likely will be due to CFPB in mid-March.
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CFPB Outlines Card Marketing Concerns

Implement internal controls to prevent violations of consumer financial laws.
Make grace periods clear and prominent.
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Manage HELOC End-of-Draw Risks

Determine the nature and magnitude of your CU’s exposure.
Address examiners' expectations for risk management.
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CFPB Issues New HMDA Reporting Proposal

The agency seeks to expand information requirements and revise the reporting threshold.
Agency seeks to expand information requirements and revise the reporting threshold.
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Agency Expands HMDA Requirements

Expect the CFPB's final rule in mid-2015.
CFPB expands HMDA to help spot discriminatory or other negative mortgage lending trends.
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Complying With Ability-to-Repay and QM Rule

NCUA examiners to take into account a CU’s good-faith effort to comply.
NCUA examiners to take into account a CU’s good-faith effort to comply.
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Integrated Mortgage Disclosures Improve Clarity

CFPB’s consolidated final rule streamlines TILA/RESPA requirements.
CFPB’s consolidated final rule streamlines TILA/RESPA requirements.
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CFPB’s Mortgage Servicing Requirements

Final rule covers periodic statement requirements, interest-rate adjustments, and more.
Final rule covers periodic statement requirements, interest-rate adjustments, and more.
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Mortgage Servicing: What’s in Store?

New rule includes an exemption for small servicers.
As required by the Dodd-Frank Act, the CFPB will require periodic statements for most closed-end mortgages—not just open-end loans.
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Get Ready for CFPB’s Ability-To-Repay Rule

The rule will have a significant impact on CUs’ mortgage programs.
This final rule expands the ATR requirements to include most closed-end mortgages—with a few exceptions.
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