Regulatory Report

What's up

[ December 7, 2022 ] Regulator to remove by year’s end credit unions’ ability to hold membership/director meetings completely virtually NCUA
[ December 7, 2022 ] Bureau finds TILA does not preempt NY commercial financing law; considers preemption rulings for three other states CFPB
[ December 6, 2022 ] CFPB not prioritizing, just yet, enforcement of restored 25-loan HMDA reporting threshold for closed-end mortgages CFPB
[ December 7, 2022 ] $9 million in extra interest being paid by military reserve, guard on active duty, agency contends CFPB
[ December 6, 2022 ] Minorities slightly increased representation among financial industry leadership, report finds – but White men continue to dominate Other

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Regulator to remove by year’s end credit unions’ ability to hold membership/director meetings completely virtually

December 7, 2022 0

Federally chartered credit unions will lose the “flexibility” at year’s end to hold their membership and director meetings completely virtually, their regulator told them Wednesday. The National Credit Union Administration (NCUA), in a letter to federal credit unions (FCUs), said [...]
Bureau finds TILA does not preempt NY commercial financing law; considers preemption rulings for three other states

December 7, 2022 0

Federal truth in lending statutes do not preempt certain provisions of a New York law governing commercial financing, according to a preliminary opinion issued Wednesday by the federal consumer financial protection agency. The Consumer Financial Protection Bureau (CFPB), in issuing [...]
CFPB not prioritizing, just yet, enforcement of restored 25-loan HMDA reporting threshold for closed-end mortgages

December 6, 2022 0

The federal agency charged with consumer financial protection says it does not plan to carry out enforcement actions related to a now 25-loan threshold for reporting closed-end mortgage loans under the Home Mortgage Disclosure Act (HMDA) specifically for data collected [...]
$9 million in extra interest being paid by military reserve, guard on active duty, agency contends

December 7, 2022 0

An extra $9 million in interest is being paid by military reserve and National Guard members because they are not receiving rights under federal legislation reducing the rates they may be charged, the federal consumer financial protection agency charged Wednesday. [...]