Articles by Michael McLain

Three Additional Rules From CFPB

Agency targets mortgage originations, escrow accounts, and high-cost loans.
Michael McLain
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The Consumer Financial Protection Bureau addresses mortgage originator standards, high-cost mortgages, and escrow accounts.
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CFPB Will Keep CUs Busy

Agency puts priority on consolidated mortgage disclosures.
Michael McLain
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Agency puts priority on consolidated mortgage disclosures.
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The Interaction of SCRA and Reg Z

SCRA’s interest-rate limitations trigger requirements under Truth in Lending and Reg Z.
Michael McLain
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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.
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Court OKs Up-Front Card Fees

But fees are still limited during the first year following account opening.
Michael McLain
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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.
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Mortgage Ads On the Straight & Narrow

FTC’s final rule outlines what’s unfair or deceptive in advertisements.
Michael McLain
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In July, the Federal Trade Commission issued a final rule relating to unfair or deceptive acts and practices in mortgage loan advertisements.
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The 14-Day Question

Fed’s Reg Z final rules affect when CUs must send periodic statements.
Michael McLain
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Some CUs are confused about the 14-day timing requirement for periodic statements.
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Reg Z Rate Changes

Final rule addresses preferential rates, floor rates, and consumers’ ability to pay.
Michael McLain
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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.
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Reg Z Revisited, Again

Still more clarification is needed on the Fed’s Reg Z changes.
Michael McLain
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Still more clarification is needed on the Fed's Reg Z changes.
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More Mortgage Changes Are on the Way

A second interim rule amends the Mortgage Disclosure Improvement Act.
Michael McLain
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A second interim rule amends Mortgage Disclosure Improvement Act requirements.
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Fed Issues Final Mortgage Rules

Mandatory compliance dates begin January 1.
Michael McLain
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Final rule applies to all consumer mortgages secured by the borrower’s principal dwelling, whether the transaction is a closed-end mortgage or a home equity line of credit.
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