Payday, Vehicle Title, and High-Cost Installment Lending Rule (Payday Lending Rule) Status & Timeline Currently, the Payday Lending Rule is stayed pursuant to a court order issued in Community Financial Services Association v. CFPB, No. 1:18-cv-00295 (W.D. Tex. Nov. 6, 2018) Compliance with the Rule is not required until the court-ordered stay is lifted…. Read More »
The Department of Defense has published an amendment to its interpretive Q&A on the Military Lending Act regulation, “Limitations on Terms of Consumer Credit Extended to Service Members and Dependents.” On August 26, 2016, the Department issued the first set of interpretations of that regulation in the form of questions and answers; this interpretive rule amends… Read More »
OCC Bulletin 2017-35 The Office of the Comptroller of the Currency (OCC) issued the “Flood Disaster Protection Act” booklet of the Comptroller’s Handbook. This revised booklet replaces a similarly titled booklet issued in May 1999. The revised booklet provides information on changes to the flood insurance requirements resulting from recent amendments to the Flood Disaster… Read More »
The CFPB released a Request for Information into ways to expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score. Traditional credit history includes a borrower’s payment of debts such as mortgages, credit cards, and other loans. It is used by lenders to decide… Read More »
According to an announcement posted on the Military Lending Act (“MLA”) Website: Between February 9, 2017 and February 15, 2017 there was a problem with MLA Multiple Record Requests that prevented 149 request files from processing. The Defense Manpower Data Center advises any creditor who, during the time period in question, submitted a Multiple Record… Read More »
On October 5, the CFPB released its final rule for prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). The rule, which is nearly 1700 pages, provides sweeping consumer protections that impact all aspects of the prepaid industry. The rule, which generally becomes effective on October 1,… Read More »
Starting October 3, 2016, credit unions must comply with the amended regulation the Department of Defense issued implementing the Military Lending Act. With this amended rule, NCUA intends to take the same examination approach used with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in 2015 and its Qualified Mortgage and Ability-to-Repay rules in… Read More »
On October 12, 2016, the DCU released Bulletin B-16-18, Indirect Lending and Credit Tier Exceptions. The Bulletin includes credit risk concerns and fair lending risks. The Bulletin addresses concerns with indirect lending procedures and practices which allow underwriters to bump a vehicle loan applicant to a higher credit tier and interest rate that is more… Read More »
On October 5, the CFPB released a notice that they intend to publish a list of companies that provide free access to credit scores. Financial institutions, credit card issues, and other companies may offer consumers free access to a credit score giving consumers an important tool to manage their financial lives. The Office of Financial… Read More »
On September 28, the DCU released Bulletin B-16-16 regarding the use of Power of Attorneys for vehicle loans. The DOL will now require a separate power of attorney to be signed by the member, not an employee of the credit union, using general power of attorney language contained within consumer loan agreements. Practice of Using… Read More »
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