Legal

Legal Briefs: The Great Credit Union Capers

By Dawn Causey, Thomas Pinder and Andrew Doersam There they go again! 
In the famous words of former President Reagan, the National Credit Union Administration is once again reprising its cheerleading role for the credit union industry and ignoring the tenets of the Federal Credit Union Act that justify the credit union tax exemption. And, once again, ABA has filed ...

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Reports: Trump Signals Intention to Remove Cordray

A spokesman for President-Elect Donald Trump said yesterday that Trump has interviewed former Rep. Randy Neugebauer (R-Texas) for the post of Consumer Financial Protection Bureau director -- indicating that Trump may be considering removing current director Richard Cordray from his post before his term expires in 2018.

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House Dems to Trump: Don’t Fire Cordray

A day after two Republican senators petitioned President-Elect Trump to dismiss Consumer Financial Protection Bureau Director Richard Cordray after taking office, several House Democrats wrote to the president-elect opposing such a move.

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ABA Compliance Center Inbox, January/February 2017

When Do I Need to Provide an Updated Closing Disclosure? Q: The TILA-RESPA integrated disclosures regulation set forth instances when a corrected closing disclosure and a restart of the three-business-day waiting period are required. Is re-disclosure required when there is a change to the loan amount that does not change the loan product, add a prepayment penalty or cause the APR ...

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Supreme Court to Hear Key Patent Troll Case

The Supreme Court said today that it would hear the case of TC Heartland v. Kraft, which the American Bankers Association is watching closely due to its implications for banks that face litigation from patent trolls.

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ABA Sues Credit Union Regulator Over Field of Membership Rule

Immediately after the National Credit Union Administration's publication today in the Federal Register of a controversial final rule further expanding the already loose fields of membership from which federal credit unions can draw their customers, ABA filed a lawsuit in federal court to stop NCUA from implementing the rule.

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