A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
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|March 25, 2015|
|TIPs Bulletin #15-06||Foreign Language Translation Forms Revisions|
|TIPs Bulletin #15-05||NCUA Issues Warning to Consumers about “National Credit Union” Phishing Scam|
|January 28, 2015|
|TIPs Bulletin #15-04||2014 Residential Mortgage Loan Report|
|TIPs Bulletin #15-03||HMDA/LAR Reports|
|January 16, 2015|
|TIPs Bulletin #15-02||2015 Information Returns and Disclosures|
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|Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues|
According to Regulation E §1005.20, there are certain conditions that must be met for an issuer or seller of a general-use prepaid card which determine whether an expiration date may be applied.
Before a general-use prepaid card is purchased, the issuer or seller must disclose to the consumer the information about dormancy, inactivity, service fee, expiration date, and the toll-free telephone number. If the issuer or seller has a website, it must also disclose that site so the consumer can obtain fee information.
These disclosures must be made on the card. A disclosure made in an accompanying terms-and-conditions document—or on the packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card—does not constitute a disclosure on the certificate or card.
The fees—and terms and conditions of expiration—that are required to be disclosed prior to purchase may not be changed after purchase.
CFPB UPDATES TILA-RESPA MATERIALS
updated 03/23/15 02:08 PM
Plus, NCUA Webinar, Video Series
The Consumer Financial Protection Bureau (CFPB) has published updated TILA-RESPA regulatory implementation materials. Click here to view the updates.
CFPB ARBITRATION STUDY REPORT
updated 03/17/15 07:58 AM
Foreign Bank Money Laundering Concern
A recent Consumer Financial Protection Bureau (CFPB) study indicated that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The CFPB has been studying arbitration clauses in a number of different consumer finance markets since 2012.