Articles by Michael McLain

CFPB Will Keep CUs Busy

Agency puts priority on consolidated mortgage disclosures.
May 21, 2012
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.
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.
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Court OKs Up-Front Card Fees

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.
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Mortgage Ads On the Straight & Narrow

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.
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The 14-Day Question

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.
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Reg Z Rate Changes

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.
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Reg Z Revisited, Again

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.
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More Mortgage Changes Are on the Way

A second interim rule amends the Mortgage Disclosure Improvement Act.
March 25, 2011
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.
January 10, 2011
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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Confusion Reigns Over Reg Z Changes

Recent rule changes have CUs lost in a Reg Z maze.
December 21, 2010
A rash of recent Regulation Z mortgage lending changes has heads spinning.
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