Topic: Lending
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CFPB issues guidance on artificial intelligence and sending adverse action notices
NEWS: On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued guidance addressing the legal requirements lenders must follow when using artificial intelligence (AI) or other complex models to make lending decisions. […]
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CFPB Analyzes “Artificial Intelligence” Chatbots by Financial Institutions
NEWS: Chatbots are becoming more common as credit unions try to reduce the costs of customer service agents. Does your credit union use chatbots? If so, the CFPB has concerns. In […]
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CFPB rule will require CUs to collect data on small business lending
NEWS: Many credit unions will have to start collecting and reporting data about the demographics and income of small business loan applicants under a new rule published today by the Consumer […]
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NCUA Board extends current 18% interest rate ceiling
Q&A: Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance Hotline […]
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No tattletale notice needed for non-applicant spouse domiciled outside Wisconsin
Q&A: Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance […]
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Special purpose lending programs for credit unions
Q&A: Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance […]
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CFPB increases three regulatory exemptions amounts
NEWS: Every year, the CFPB adjusts the exemption thresholds for three of its lending rules, and those thresholds are increasing for 2022: HPML appraisals: The threshold for exempting loans from special […]
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Why is a “family purpose” statement important in lending?
Q&A: Here’s a question that a Wisconsin credit union recently asked one of The League’s Compliance Specialists – Rod Cory – along with his answer. To learn more about how […]
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Consumer Act limits returned payment fees on closed-end loans
TIP: Recently, we’ve heard that state examiners have cited some credit unions for charging too much when a borrower makes a payment on a consumer loan (by check or ACH) […]
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CFPB: Lenders can’t discriminate based on sexual orientation, gender identity
NEWS: The CFPB issued an interpretive rule yesterday, clarifying that federal laws block discrimination in lending based on sexual orientation and gender identity. This includes “discrimination based on actual or perceived non-conformity […]