(please click ad for more information)

Current News

Relevant Information—For You, By You
L-R: Rita Fillingane, VP of Research and Collaboration for the California and Nevada Credit Union Leagues; Lucy Ito, EVP and COO of the Leagues; Ed Chow, Western Regional Director for the Consumer Financial Protection Bureau (CFPB); and Sharon Lindeman, VP of Regulatory Advocacy for the Leagues

CFPB's ED CHOW ENGAGES WITH CUs
updated 11/04/13 03:41 PM
Breakout Session at AMC
Consumer Financial Protection Bureau (CFPB) Western Regional Director Ed Chow addressed credit union professionals during a breakout session at the California and Nevada Credit Union Leagues' 2013 Annual Meeting and Convention (AMC), acknowledging that credit unions did not cause the financial crisis, do not pose much risk, and that federal and state regulators do a good job overseeing the industry.

Chow reviewed the agency’s mission, the types of entities it supervises, including four credit unions with more $10 billion in assets, and touched on solving abusive practices against members of the military and their families, students, and senior citizens.

He discussed remittance transfer rules that went into effect last week, as well as the Ability-to-Repay/Qualified Mortgage rules that are effective this coming January 2014, saying that the amendments to these rules are examples of how the CFPB listens and tries to correct any unintended consequences.

Attending were credit union CEOs and other executives and compliance professionals, including Lucy Ito, EVP and COO of the Leagues; Sharon Lindeman, vice president of regulatory advocacy for the Leagues; and Rita Fillingane, vice president of research and collaboration for the Leagues.

Lindeman commented during the session, saying that credit unions are struggling to comply with the CFPB's Ability-to-Repay/Qualified Mortgage rules. She said several credit unions are dependent on vendors that may not be ready in time. "Will the CFPB consider a delay in the effective date?" she asked.

Chow said CFPB Director Richard Cordray has gone on record saying the rules will not be delayed.

Regarding what's in the pipeline from the CFPB, Chow mentioned the long-awaited Truth-In-Lending/Real Estate Settlement Procedures Act (TILA/RESPA) combined disclosures, and that credit unions can expect a new proposal by the end of the year, with an effective date in 2015. He also mentioned upcoming proposed rules regarding Home Mortgage Disclosure Act (HMDA) data collection. The agency has also completed research and is still studying other issues, such as reverse mortgages, and payday and deposit advance loans.

Lindeman asked if the CFPB has exercised its authority to "ride along" on National Credit Union Administration (NCUA) examinations. Chow said "no," primarily due to the fact that credit unions did not cause the financial crisis, pose little risk, and are well-regulated.

Click here to view all stories, photos, and video from the Annual Meeting and Convention and Chapter Forum/Reception!

 
print   email   share   share   share

REGULATORY REACTION: HIT OR MISS updated 07/30/14 09:50 AM
Leaders Discuss the Changing Landscape
The credit union industry’s overwhelming response in sending more than 2,000 letters to the National Credit Union Administration (NCUA) on the agency’s risk-based capital proposal is extremely rare. So what’s different this time around?

STATE CANDIDATE VISITS CU LEADERS updated 07/29/14 11:06 AM
Bates Engages With CEOs, Staff
Credit union leaders in Orange County gathered at Eagle Community CU last week to meet with Fifth District County Supervisor Pat Bates.

WCMS HONORS 2014 GRADUATING CLASS updated 07/29/14 09:58 AM
Weidler Receives 'Highest Honors'
Nearly 90 students from the “Mu” Class proudly received their Western CUNA Management School (WCMS) diplomas last Thursday night at Pomona College in Claremont, CA, where a lively audience cheered another successful send-off of credit union leaders who are devoted to keeping the credit union philosophy alive.

NATIONAL REG ADVOCACY TOOL LAUNCHED updated 07/25/14 01:55 PM
'PowerComment' Combats Burdens
PowerComment, a highly-interactive online resource that helps credit unions take their regulatory concerns directly to regulators, was officially announced today during the summer American Association of Credit Union Leagues (AACUL) meeting.