Written by JiJi Bahhur, Director of Regulatory Compliance
Payday Loan Complaints. As we’ve mentioned on other occasions, payday lending is definitely on the CFPB’s radar. Yesterday, this was further confirmed through the CFPB’s blog where it announced that consumer complaints regarding payday loans are now being accepted. From the blog:
“Starting today you can submit a complaint if you have a problem with your payday loan. You can submit a complaint about:
- Unexpected fees or interest
- Unauthorized or incorrect charges to your bank account
- Payments not being credited to your loan
- Problems contacting the lender
- Receiving a loan you did not apply for
- Not receiving money after you applied for a loan."
The CFPB uses this complaint data to identify business practices that may pose risks to consumers, which in turn will pave the way for new payday lending rules and regulations.
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NCUA Webinars on Remittances and Mortgage Lending Rules. In a press release yesterday, the NCUA announced that it will host a free, two-part webinar, “New Dodd-Frank Remittances and Mortgage Lending Rules.” The first part, which will cover remittance transfers, higher-priced mortgage loan appraisals, mortgage servicing, and higher-priced mortgage loan escrows, will take place at 2:00pm Eastern on November 18, 2013. The second part, which will cover ability-to-repay and qualified mortgages, high-cost mortgage and home ownership counseling, loan originator compensation, and Equal Credit Opportunity Act appraisals and valuations, will take place at 2:00pm Eastern on December 18, 2013.
Credit unions should take advantage of these free high-level overviews. Click here to register for the November 18 session and here to register for the December 18 session.
If you are looking for additional compliance assistance on these new rules and regulations, the NCUA also issued regulatory alerts and YouTube videos summarizing the rules and highlighting issues of particular importance for credit unions.
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Programming Note. NAFCU’s offices will close today at noon and remain closed until Tuesday for the long holiday weekend. We’ll be back to blogging next Wednesday! Have a great weekend!
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