Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#NewsNow Bankrate cites Schenk on 100M membership reach http://t.co/iNwjpZRJp4
15 minutes ago
Aug. consumer confidence highest since 10/07, says @Conferenceboard See #NewsNow http://t.co/pzGAYvIjYp
23 minutes ago
Kill-switch to protect phones? Calif gov signs bill that may lead to natl trend http://t.co/KCWOPJRtJi
35 minutes ago
How FICO 9 could change #creditunion lending from @FAACreditUnion via @Cornerstone_CUL http://t.co/CO4l8LRrpR
58 minutes ago
.@FORUMTalk awards BrightStart award to young entrepreneur with good biz sense, community service http://t.co/H7w4TSzAru
1 hours ago