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

Washington
'Rural' definition has many implications for CUs, CUNA tells senators
WASHINGTON (5/22/14)--The designation of an area as "rural" by the Consumer Financial Protection Bureau has many implications for credit unions, the Credit Union National Association told key senators in a May 21 letter. The letter declared CUNA's support for a bill that would increase the number of counties that could receive such designation.
 
The HELP Rural Communities Act (S. 1916), introduced by Sen. Mitch McConnell (R-Ky.), would direct the CFPB to establish an application process by which a county could request to be designated as a rural area if the CFPB has not already assigned it that status.
 
Credit unions operating in "rural" areas may be exempt for some regulatory burdens, such as an escrow requirements under the Truth in Lending Act that requires certain lenders to create an escrow account for at least five years for higher-priced mortgage loans. They may also be exempt from standards under the Ability-to-Repay and Qualified Mortgage (QM) rules that disqualify mortgage loans with balloon payments from meeting the QM standard.
 
Being exempt from such requirements, CUNA noted in its letter, can beneficially affect the types of products a credit union can offer their members in what can be underserved areas.
 
The letter was sent to Senate Banking Committee Chairman Tim Johnson (D-S.D.) and its ranking member, Mike Crapo (R-Idaho) and signed by CUNA President/CEO Bill Cheney. Cheney closed the letter by saying CUNA and credit unions look forward to working with the legislators to see the bill's enactment.
 
 
Other Resources

CUNA Letters to Congress
RSS





print
News Now LiveWire
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
14 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago