The Consumer Financial Protection Bureau’s annual report to Congress summarizes the Bureau’s activities to administer the Fair Debt Collection Practices Act (FDCPA) in 2021 as the primary federal regulator of the consumer debt collection industry. This report also includes activities conducted by the Federal Trade Commission (FTC) in 2021 in relation to debt collection. Learn more

Read More »

The IRS is reminding tax-exempt organizations that operate on a calendar-year basis that certain annual information and tax returns they file with the IRS are due on May 16. State-chartered credit unions must file Internal Revenue Service (IRS) Form 990, or file for an extension, by May 16, 2022. Learn more

Read More »

The Federal Housing Administration (FHA) announced on Monday that it is adding a new, 40-year mortgage modification option for mortgage servicers to use in conjunction with its partial claim option to assist additional borrowers who are behind on their mortgage payments for FHA Title II forward mortgages. This new loss mitigation home retention option is designed to help those borrowers who cannot achieve a minimum targeted 25 percent reduction in the Principal and Interest portion of their mortgage payment through FHA’s existing 30-year mortgage modification with a partial claim.

Read More »

Your League has joined with CUNA and our fellow leagues in reaching out via letter to the Senate Banking Committee and House Financial Services Committee in advance of the committees’ hearings with Consumer Financial Protection Bureau Director Rohit Chopra.

Read More »

The Consumer Financial Protection Bureau said Monday it will make more use of its "dormant" authority to conduct supervisory examinations of nonbank companies it believes pose risks to consumers, signaling plans to expand its oversight of firms in the burgeoning fintech sector. Learn more

Read More »

CUNA Senior Director of Advocacy and Council Elizabeth Sullivan spoke Monday at the Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (GNMA or Ginnie Mae) listening session on re-proposed eligibility requirements for both agencies. Sullivan recognized opportunities for the agencies to reduce operational burden on credit unions participating in federal housing-related programs in support of the missions of both agencies to support access to affordable housing. Learn more

Read More »

Credit unions are among the institutions that offer products and services to fit their communities, the Consumer Financial Protection Bureau (CFPB) wrote in a report released Tuesday on challenges facing rural communities.

Read More »

Many municipalities have laws against encampment and loitering on public property. As a result, it drives people to private commercial properties like credit unions and ATM vestibules. Loitering and trespassing causes security concerns and deters members, employees, and visitors from entering the credit union property, building, or even using on-site services.

Read More »

A recent survey found U.S. credit union members were more satisfied with their financial institution than customers at large national banks, by 13 percentage points, yet consumers hold accounts far more often with large nationals, by 24 percentage points. Experts generally agreed that credit unions’ size explained why they lag behind large banks in terms of digital transformation.

Read More »

This is a reminder that the Call Report to the National Credit Union Administration (NCUA) is due April 30 for the March 31, 2022 call report cycle. Learn more

Read More »