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Articles by Michael McLain

More Mortgage Changes Are on the Way

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

Recent rule changes have CUs lost in a Reg Z maze.
December 21, 2010
Michael McLain
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A rash of recent Regulation Z mortgage lending changes has heads spinning.
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Rule Requires Mortgage Payment Summary

Rule requires disclosures on how mortgage payments change over time.
November 19, 2010
Michael McLain
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Rule requires disclosures on how mortgage payments change over time.
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CARD Act Compliance: The Final Stage

The third phase of the Fed's implementation of the CARD Act.
October 10, 2010
Michael McLain
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The third phase of the Fed's implementation of the CARD Act.
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Reg Z and the CARD Act

Change-in-terms, late-fee provisions required clarification.
September 29, 2010
Michael McLain
No Comments
Sometimes, a literal reading of a particular Regulation Z provision doesn't disclose the full intent or meaning.
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May Cover

Credit Union Magazine

• May digital edition

May 2013

heroes

What's Popular

Popular Stories

Scenes from the 19th Annual CUNA CFO Council Conference

Survey Says: Americans Lack Credit Score Knowledge

Warren Morrow Named 2013 CU Hero of the Year

Identify & Monitor Indirect Auto Lending Risks

Help Us Celebrate the CU Movement's Rock Stars

Recent Discussion

In remembering Warren, the first thing I think of was his smile. He was a gentle, caring man who always thought of others first. I was honored to be a part of the MiOpportinidad project with Affinity Credit Union, Warren and Miriam. His hard work and dedication to that project was inspirational. Warren so deserves this award.

The author really understands the credit union philosophy and I really enjoyed the analogy of his bathroom remodel. The only thing missing was pictures of the finished bathroom! :)

Thank you Phillip for showing the differences between a Big Bank that is only looking to sell you products and a Credit Union that actually looks out for its members needs. Great article!

I love and give a standing ovation to Ron Kase and to other caring people just as much as those who passed away on 2012 like Warren Morrow at Des Moines Iowa. He worked hard for those who are under-served an under-represented, but wasn't mentioned in your magazine. It may be beneficial for the entire world to know about his accomplishments no for his benefit, obviously, but to increase the number of positive and caring people and to add members the CU. Just ask Coopera Consulting at Des Moines Iowa about Warren Morrow's legacy.

That’s right Lisa. The servicing rule would not require a credit union to create its own policies and procedures if all aspects of the servicing are delegated to a sub-servicer. However, remember that the credit union will have to conduct due diligence on the sub-servicer to make sure it is following the minimum requirements for policies and procedures. Unfortunately, even those credit unions that use a third party servicer will need to have a working knowledge of the CFPB’s servicing rule.

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