Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Maryland league asks for wild card laws on loan costs
ANNAPOLIS, Md. (2/26/08)--The Maryland and District of Columbia Credit Union Association (MDDCUA)--along with the Maryland Bankers Association--has asked the state regulator to invoke Maryland’s “wild card” laws on loan costs. The two groups made the application to State Financial Regulation Commissioner Sarah Bloom Raskin. Invoking these laws would allow Maryland state-chartered credit unions and savings banks to, in certain cases, temporarily continue to charge closing costs on loans and lines of credit (Focus Newsletter Feb 25). MDCCUA also is backing Maryland’s Senate Bill 347 and House Bill 852, which would allow credit unions and saving banks to legally continue the practice of charging closing costs on loans and lines of credit, in certain instances. Both efforts are aimed at reversing the Maryland Court of Appeals Bednar decision. In September 2006, in the case Andrew Bednar v. Provident Bank of Maryland, Inc., the court of appeals reversed a Baltimore Circuit Court ruling granting summary judgment to a bank that collected closing costs from the borrower (Bednar) solely because the borrower prepaid his loan. “Recapturing closing costs are a good deal for consumers [and such a practice] as it has been done, is good for consumers,” Michael Beall, MDDCUA president/CEO, told the Maryland House Economic Matters Committee.


RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
4 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
7 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
7 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
8 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
9 hours ago