Mountain West News
CFPB Now Enforces Familiar Regulations |

Today, the Consumer Financial Protection Bureau (CFPB) officially receives enforcement authority for many consumer protection-related regulations from various agencies.  Most notably for credit unions, the CFPB will now have enforcement authority over NCUA Regulations 707 (Truth in Savings), 716 (Privacy of Consumer Financial Information), 717 (Fair Credit Reporting) and 761 (Registration of Mortgage Loan Originators).  The CFPB will also have enforcement authority over other familiar regulations including Regulation B (Equal Credit Opportunity), Regulation C (Home Mortgage Disclosure), Regulation E (Electronic Funds Transfers) and Regulation Z (Truth in Lending).

In the July 21, 2011 Federal Register, the CFPB stated that “[t]he official commentary, guidance, and policy statements issued prior to July 21, 2011 by a transferor agency [w]ill be applied by the CFPB pending further CFPB action.”  This means that credit unions can continue to rely on “official” guidance, commentary and interpretation issued by the agencies formerly having enforcement authority over the particular regulation until the CFPB officially issues any conflicting information.  The CFPB also stated that it intends to publish a list of the rules for which it has rulemaking authority later this year.  Click here to view the Federal Register announcement.

SAFE Act Registration Deadline Looming |

The July 29, 2011 deadline for credit unions and their mortgage loan originators (MLOs) to register is quickly approaching.  NCUA senior staff has informed CUNA’s Examination and Supervision Subcommittee that, based on NCUA’s information obtained from the Nationwide Mortgage Licensing System and Registry (NMLS), many credit unions and their MLOs that should be registered have not yet done so.  If your credit union is required to register and has not yet done so, you should take immediate action to ensure compliance by the July 29th deadline.  If you have already registered, you should do a final check with the NMLS to ensure that they have your credit union’s information and that it is correct.

FTC Issues New Restrictions on Deceptive Mortgage Advertising |

The Federal Trade Commission (FTC) issued a new final rule, which bans deceptive and misleading mortgage advertising practices.  The final rule includes 19 examples of practices that will be prohibited once the rule becomes effective on August 19, 2011.  The final rule affects entities regulated by the FTC, which includes state-chartered credit unions.  Although federal credit unions are not under the FTC’s enforcement jurisdiction, the practices can still be viewed as general guidelines to keep in mind.  Read more...

FTC Issues New Restrictions on Deceptive Mortgage Advertising |


The Federal Trade Commission (FTC) issued a new final rule, which bans deceptive and misleading mortgage advertising practices.  The final rule includes 19 examples of practices that will be prohibited once the rule becomes effective on August 19, 2011.  The final rule affects entities regulated by the FTC, which includes state-chartered credit unions.  Although federal credit unions are not under the FTC’s enforcement jurisdiction, the practices can still be viewed as general guidelines to keep in mind. 

New Adverse Action Notices Required For Deposit-Related Actions |

Last Friday, the Federal Reserve published final rules amending Regulation B (Equal Credit Opportunity) and Regulation V (Fair Credit Reporting) to require disclosure of credit scores to consumers when taking adverse action.  The revised rules amend the adverse action forms required to be delivered to consumers when a credit score is used as part of the decision to take adverse action against a consumer.  The final rule amending Regulation B makes clear that the Fed intends for the new requirements and forms required under Regulation V to apply to both credit and non-credit related (deposit) adverse actions.  See page 41597 of the Federal Register under the heading “Adverse Actions Not Limited to Credit.”  Credit unions who use a credit score to take adverse action in connection with a deposit account will need to use the new forms required by amended Regulation V to notify consumers of the action taken.

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