NAFCU's CFPB Page; CFPB Studies; FTC Mortgage Rule
Written by Steve Van Beek
Keeping track of the issues surrounding the CFPB can be quite difficult. Â NAFCU's Regulatory Affairs team has created a webpage to help track and monitor the CFPB's actions. Â Click here to see the new page. Â 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. Â
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. Â Â
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The CFPB has released two reports that were required by Dodd-Frank. Â
- Credit Scores (differences between the score consumers receive and the score lenders use). Â Full report is here.
- Remittances (relating to transparency of pricing and their potential use in credit scores). Â Full report is here. Â
These reports have the potential to be the groudwork for future rulemakings and guidance - so just keep these issues on your radar. Â
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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. Â The FTC, CFPB and individual states will have the ability to enforce the new rule - which becomes effective August 19, 2011. Â The rule applies to state-chartered credit unions as they fall under the FTC's jurisdiction. Â Federally-chartered credit unions are not covered by the new rule but are covered by NCUA's requirements regarding accuracy of advertisements.