As MCUL & Affiliates continues to review the voluminous new rules and proposals offered by the CFPB over the past week and a half, the MCUL issued a comment letter on proposals to amend the recently finalized, and still onerous, remittance transfer regulations on Jan. 25.
Although well intended by the agency, the efforts to mitigate the harmful provisions on disclosures do not completely address the problems that they are designed to fix, and still ignore the fact that the rule in its entirety will still force many credit unions and community institutions out of the business of providing international remittance transfers as defined, narrowing access to the service and driving up the cost for consumers where it can be accessed.
Also last week, MCUL issued a comment call on the CFPB’s proposal to amend its simultaneously issued proposal on “ability to repay,” and specifically the “qualified mortgage” standard included within. The proposed amendment would actually be of some assistance to credit unions, as it purports to draw certain class of loans issued by non-profit, portfolio lenders into the safe harbor and presumption protections. Comments are due back to the agency by February 25. For any questions, contact Kieran Marion at (800) 262-6285, ext. 465, or Kieran.Marion@mcul.org, or Shawn Wolbert at ext. 486 or Shawn.Wolbert@mcul.org.