Topic: Indirect Lending
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NCUA launches Round 8 of its Deregulation Project
COMMENT CALL: The National Credit Union Administration (NCUA) announced its eighth round of proposed regulatory changes associated with NCUA’s Deregulation Project. The project is an ongoing review of NCUA’s regulations to ensure […]
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FinCEN eases beneficial ownership verification at each new account opening
NEWS: Under the 2016 Customer Due Diligence (CDD) beneficial ownership rules, credit unions must have written procedures to identify “beneficial owners” – the people who own and control “legal entity customers/members” – […]
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Don’t make the same HMDA mistakes Bank of America did
TIP: Last fall, the CFPB fined Bank of America (BoA, the second largest U.S. bank) for violating the federal Home Mortgage Disclosure Act (HMDA) by submitting false mortgage loan data. The […]
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NCUA amends rules on loan participations & indirect lending
ANALYSIS: The NCUA recently amended its rules to improve the ability of federally insured credit unions (FICUs) to partner with financial technology companies. The final rule amends existing regulations regarding indirect lending, […]
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CFPB: Bulletin 2013-02: Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act (3/21/2013)
This bulletin provides guidance about compliance with the fair lending requirements of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, for indirect auto lenders that permit […]
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America’s Credit Unions: e-Guide – Holder In Due Course Rule
This links to America’s Credit Unions’ e-Guide section on Holder In Due Course Rule. (Note: Requires America’s Credit Unions login.)
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FTC: 16 CFR 433
Preservation of Consumers’ Claims and Defenses
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OCU: Letter CU 1-14 – Dealer Indirect Paper (January 8, 2014)
The purpose of this letter is to remind all credit unions of their responsibility regarding the refunding of the unearned Guaranteed Asset Protection (“GAP”) charges and/or credit insurance premiums when […]