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
CUNA strongly backs CU exemption from FTC loan rescue rule
WASHINGTON (3/29/10)--The Credit Union National Association (CUNA) in comments to the Federal Trade Commission (FTC) spoke in support of the FTC’s proposal to “protect consumers from unscrupulous entities who take advantage of consumers by offering loan modification and foreclosure rescue services that impose high costs without providing any benefits.” CUNA also said that it supports portions of the FTC’s proposed rule that would “exempt those that hold or service a loan secured by a home” from the burdens imposed by the new FTC protections. Currently, the FTC proposal exempts state-chartered credit unions, and federally chartered credit unions are not regulated by the FTC. The FTC proposal would restrict or prohibit practices that take advantage of vulnerable homeowners who seek loan modification or foreclosure rescue services. CUNA “strongly” encouraged the FTC to “retain” the state credit union exemption in the final rule to help ensure that “state-chartered credit unions are not needlessly subjected to new regulatory burdens that will add to their compliance costs.” “Credit unions have not been the source of problems for home loan borrowers and do not need additional rules to ensure they act in their members’ best interests,” CUNA added. For the full comment letter, use the resource link.


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
1 day ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago