First Three Videos Highlight New Remittance Transfer and Mortgage Lending Rules
ALEXANDRIA, Va. (Nov. 5, 2013) – Credit union officials now have new resources to better understand and follow new consumer protection rules on mortgage lending and remittance transfers.
The National Credit Union Administration today released a three-part Consumer Protection Update and posted supporting content on the agency’s consumer website, MyCreditUnion.gov, to explain the new rules on international remittances and mortgage lending. The rules are required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“One of the reasons why we created NCUA’s Office of Consumer Protection was to educate credit unions about consumer protection issues,” NCUA Board Chairman Debbie Matz said. “These videos and webpages provide useful information about complying with the new mortgage lending and remittance transfer rules. Anyone at a credit union with responsibility for underwriting or servicing mortgages or making international wire transfers would benefit from watching these videos and reviewing the related material on our the consumer protection website.”
In the videos, Office of Consumer Protection Director Gail Laster outlines NCUA’s plan for implementing the new rules and explains how these new regulations will better protect consumers. Additional information like compliance resources for credit unions is also available on a dedicated webpage at MyCreditUnion.gov/update.
The three videos are the first in a new Consumer Protection Update series. Produced by NCUA’s Office of Consumer Protection, the series is designed to inform credit unions and their members about new regulations and consumer protection rights. Future releases are planned for 2014.
“The new series enhances the value of MyCreditUnion.gov for credit unions and their members,” Laster added. “The Office of Consumer Protection will continue to develop financial literacy resources that help consumers stay informed about their protections and make better financial decisions. Consumers and credit unions may stay connected by bookmarking MyCreditUnion.gov or visiting the site on a regular basis.”
The videos are available for free on NCUA’s official YouTube channel and the NCUA Consumer Protection Update page at MyCreditUnion.gov/update.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..