Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA Supports Credit Insurance Reg Delay
WASHINGTON (5/28/13)--In a Friday comment letter, the Credit Union National Association said it supports the Consumer Financial Protection Bureau's decision to give financial institutions more time to comply with pending credit insurance premium financing prohibitions. However, CUNA also urged the agency to implement certain consumer protections without delay.

The CFPB has proposed delaying the June 1 effective date of the prohibition on creditors financing credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling, and CUNA backed this delay.

The agency has proposed this delay to further revise the regulation, which CUNA Associate General Counsel Jared Ihrig noted "has produced a great deal of confusion among credit union mortgage lenders."

CUNA, however, supports retaining the existing effective date of June 1, 2013, with respect to actual single-premium insurance amounts which are added at loan origination. "We believe this important consumer protection should be made effective as soon as possible," Ihrig wrote.

CUNA also urged the CFPB to delay the effective date of this provision for insurance premium amounts other than actual single premiums until at least Jan. 10, 2014, when the remainder of the mortgage loan originator final rule is slated to take effect.

For the full comment letter, use the resource link.
Other Resources

CUNA Comment Letters
RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
13 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
14 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
15 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
15 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
16 hours ago