Written by Steve Van Beek
Keeping track of the issues surrounding the CFPB can be quite difficult. NAFCU's Regulatory Affairs team has created a webpage to help track and monitor the CFPB's actions. Click here to see the new page. The page includes links to the CFPB's guidance documents and reports as well as NAFCU comment letters to the CFPB and recent NAFCU Today stories.
Also, don't forget that the blog itself has categories which allow you to view prior blog posts related to a certain area - such as the CFPB.
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The CFPB has released two reports that were required by Dodd-Frank.
- Credit Scores (differences between the score consumers receive and the score lenders use). Full report is here.
- Remittances (relating to transparency of pricing and their potential use in credit scores). Full report is here.
These reports have the potential to be the groudwork for future rulemakings and guidance - so just keep these issues on your radar.
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With only a few days to spare before the CFPB took over rulemaking authority, the FTC finalized a rule on deceptive mortgage advertisements. The FTC, CFPB and individual states will have the ability to enforce the new rule - which becomes effective August 19, 2011. The rule applies to state-chartered credit unions as they fall under the FTC's jurisdiction. Federally-chartered credit unions are not covered by the new rule but are covered by NCUA's requirements regarding accuracy of advertisements.
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