Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Kansas legislature passes three measures supported by CUs
TOPEKA, Kan. (3/27/09)--The Kansas legislature passed three pieces of legislation supported by the Kansas Credit Union Association (KCUA) on membership requirements, disclosures of mortgage trigger leads and financial literacy. The first is a credit union membership eligibility bill, introduced by KCUA, which clarifies that membership eligibility components, such as family members and volunteers, are protected going forward. It passed 123-0. The question had been raised that, because these components were referenced only in the grandfathered portion of the statute, versus the prospective portion, they may not be allowable. KCUA sought changes to eliminate confusion. “KCUA wanted to make sure there are no misinterpretations of the law and how it should be applied,” said Haley DaVee, director of state legislative and public affairs. The second bill requires greater disclosure of mortgage trigger leads. The bill requires that in oral and written solicitations for products or services based on a mortgage trigger lead, the solicitation must state clearly that the solicitor is not affiliated with the initial lender, and that the solicitation is based on personal information about the consumer that was purchased from a consumer reporting agency without the knowledge or permission. Other states have taken steps to require full disclosure of unsolicited offers of mortgage credit. In its testimony to the House Financial Institutions Committee, KCUA said, “Requiring full disclosure from users of mortgage trigger leads is ultimately a consumer protection measure. Kansas credit unions recognize consumers’ interest in preserving the privacy of their personal information.” The legislature passed financial literacy legislation for grades K-12 that requires the State Board of Education to develop state curriculum standards for personal financial literacy for all grade levels. The legislation also requires the board to encourage school districts to select textbooks containing provisions on personal finance when appropriate. “Personal financial literacy is critical as consumers today have more options for credit in an increasingly complex and overwhelming marketplace,” KCUA said in its testimony.
Other Resources

RSS print
News Now LiveWire
Breaking at #NewsNow: Matz to request revised RBC proposal, new comment period http://t.co/eLtYmzXRWn
14 hours ago
#NewsNow: Oct. 22 webinar will explore role of CDFI #creditunions. http://t.co/op1GV4mrYM
17 hours ago
CFPB announces $10M fine,$27.5M restitution v. Mich.-based Flagstar Bank for allegedly illegally blocking borrowers’ attempts to save homes.
17 hours ago
#NewsNow: Proposed MLA changes could restrict CU payday alternative loans. http://t.co/eKqtyMHD0P
18 hours ago
44 #creditunion professionals earn Development Educators designation #NewsNow http://t.co/GG551ofq31
18 hours ago