Compliance & Regulatory Updates: May 10, 2023

Recent CFPB HMDA Notice: Recently, the CFPB has been issuing notice to some credit unions for reporting of HMDA Loan/Application Register (LAR) from 2020-2022 concluding the data “may contain invalid entries” in the “Street Address” field. 

Update on CFPB Proposed Credit Card Late Fees Rule: MnCUN’s Regulatory Review Committee and CUNA have issued their respective comment letters on this proposed rule due May 3 which could cause great harm to the credit union community and our members. 

​Older Americans Month and Elder Financial Exploitation Resources: In recognition of Older Americans Month, the NCUA is partnering with the AARP and the CFPB to host a webinar that addresses how society views and talks about financial crimes against older adults. 

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