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McWatters to Cordray: Do more to help credit unions

first_img 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NCUA board chairman H. Mark McWatters yesterday sent out a forceful letter to Richard Codray urging him to categorically exempt credit unions from many of the pending HMDA mandates, and called on it to clarify the scope of its Unfair and Deceptive Acts and Practices (UDAP) powers in guidance or regulations. This letter is proverbial music to the ears for those of us who believe that the benign dictator of consumer finance and former supreme court clerk has either been too cautious or too unwilling to utilize his authority to exempt credit unions from Dodd- Frank mandates.Here is my favorite quote; “Section 1022(b)(3)(A) of the Dodd-Frank Act, provides that the bureau may exempt any class of persons, service providers or consumer financial services from certain regulations. Use of this permitted, yet underutilized statutory authority is appropriate to address compliance costs and the unintended consequences of limiting access to affordable financial services for many millions of middle class credit union members, through the enactment of needless regulatory burdens.” continue reading »last_img read more

Compliance: Looking at the SCRA’s 6% interest rate cap

first_img continue reading » The Servicemembers Civil Relief Act (SCRA) is designed to protect individuals on full-time active military duty who have been materially affected by their service. A recent CompBlog back-to-basics post examines one significant aspect of the SCRA: the 6% interest rate limit.The SCRA limits interest rates on debts incurred prior to active duty at 6% for the duration of the servicemember’s period of military service. Interest includes service charges, renewal fees, or any other charges (except bona fide insurance) with respect to an obligation or liability.The limit does not apply to debt incurred during or after active duty service, so it does not apply to new advances under an existing credit card or home equity line of credit program.This is true even if the open-end plans were established prior to active duty.In order to receive reduced rates, the servicemember must provide a credit union with a written notice and a copy of the military orders calling the servicemember to active duty, as well as any orders further extending military service, within 180 days of release from military service. 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more