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More House Leaders Support Legislation to Raise MBL Cap
A number of Congressional leaders – including the ranking Democratic member of the House Financial Services Committee -- announced their support Monday for proposed legislation that would increase credit unions’ ability to lend to small businesses.   more »
Bloomberg
Seven financial trade groups announced Monday that they are banding together to push legislation that would extend bank-like data security standards to retailers and non-bank businesses. more »
Ninety-two percent of homebuyers are reviewing their mortgage documents before closing on the loan since the Truth-in-Lending Act/Real Estate Settlement Procedures Act integrated disclosures, or TRID, went into effect in October, versus 74% previously, a survey by the American Land Title Association found. more »
Presumptive Democratic nominee Hillary Clinton appears likely to embrace a recent plan to merge Fannie Mae and Freddie Mac into a single government corporation if she wins the White House. more »
Two recent court rulings affirmed that lenders can enforce electronically signed and transferred notes, laying important groundwork for wider adoption of electronic mortgage technology that could improve the customer experience for borrowers and save lenders and servicers a bundle. more »
A new Department of Labor rule designed to make more American workers eligible for overtime pay stands to add costs and slow hiring at credit unions and banks while speeding the replacement of human workers with technology, according to the financial industry lobby. more »
The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection. more »
New Chairman Rick Metsger said the regulator will likely extend due date for second quarter call reports because of July 4th holiday and expects to establish end-of-month deadline by the end of the year. more »
The Michigan State Senate passed a package of credit union bills that amends the Michigan Credit Union Act for the first time since 2003. The CU-friendly legislation is expected to pass the House and be signed into law by the governor by the middle of next month. more »
The bureau said Wednesday that it plans to hold a public hearing in Kansas City, Mo., to discuss small dollar lending. The hearing will be held at the Kansas City Convention Center and will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and the public. more »
The Consumer Financial Protection Bureau's proposal to restrict the use of arbitration clauses would allow it to seize enormous amounts of data from financial firms that could lead to more enforcement actions, according to industry lawyers. more »
On tap at Thursday's NCUA Board meeting: the first-ever public briefing to board members on a proposal that is still under construction, a move that is aimed at creating a rulemaking process that is more open and accessible to all stakeholders. more »
COMPASS 4 CUs, the Woodbridge, Va.-based credit union service organization (CUSO) that specializes in regulatory compliance, said effective May 1, ownership of the CUSO was transferred from Belvoir Federal Credit Union to Pentagon Federal Credit Union (PenFed) in connection with the merger of those two credit unions. more »
Great Rates for Everyone
Pentagon FCU has launched the first ad in a series of ads that will be released over the next two weeks and broadcast in several key markets across the country.