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
Fed approves new Reg C threshold
WASHINGTON (10/21/08)—The Federal Reserved Board announced Monday it has approved amendments to its Regulation C, the Home Mortgage Disclosure Act (HMDA) rules, by revising the threshold for reporting price information on higher-priced loans. The Credit Union National Association (CUNA) supports the Fed’s changes, in part, because they help bring that regulation in line with recent Regulation Z mortgage lending final rules. Regulation C required lenders to report to regulators annually the spread between the annual percentage rate (APR) on a loan and the yield on comparable Treasury securities if the spread was at least three percentage points for first-lien loans or five percentage points for subordinate-lien loans. Under the new rule, a lender would report the spread if the loan APR exceeds an average of comparable prime mortgage rates by at least 1.5 percentage points for first-lien loans or 3.5 percentage points for subordinate lien loans. By making the threshold identical in both regulations, it will help ease the compliance burden of credit unions and other lenders that must follow the regulations, according to CUNA. However, CUNA was concerned with a proposed Jan. 1, 2009 implementation date and argued in a comment letter to the Fed that date would not provide sufficient time for lenders to make necessary programming changes. The Fed revised its effective date in the final rule to October 1, 2009.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
5 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
7 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
7 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
7 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
9 hours ago