If your credit union issues credit cards or allows members to utilize peer-to-peer (P2P) payments, then you most likely interact with merchant category codes (MCCs). These four-digit codes denote the type of business involved in a transaction and are important to certain aspects of the financial services industry. For example, if a credit union offers … Read more
The National Credit Union Administration (NCUA), Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) have adopted a to implement the quality control standards mandated by the Dodd-Frank … Read more
On May 16, 2024, the U.S. Supreme Court that the funding structure of the CFPB does not violate the Constitution’s Appropriations Clause which states that “‘[n]o Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” In other words, the fact that the CFPB is funded independently with money from the … Read more
Credit unions that offer online wire transfers may want to pay attention to a lawsuit that is currently playing out in federal court in New York. Back in January, the New York Attorney General’s Office (NYAG) filed a federal lawsuit against Citibank. The lawsuit alleges violations of law relating to Citibank’s offering of online and … Read more
The Consumer Financial Protection Bureau (CFPB) its proposed rule on consumer financial data rights under Section 1033 of the Consumer Financial Protection Act (aka Title X of the Dodd-Frank Act of 2010). This final rule establishes minimum attributes a standard-setting organization (SSO) must possess to receive CFPB recognition and to issue consensus standards when the full … Read more
Have you had a member call your credit union and ask if they can change their payment due date on their loan or credit card? If so, this blog is for you. We are going to go over the regulatory requirements for changing a member’s payment due date for both open-end and closed-end credit. Open-end … Read more
The National Credit Union Administration (NCUA), Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) have adopted a to implement the quality control standards mandated by the Dodd-Frank … Read more
Plan to remain in the US after getting your international master’s degree from an American university? You’re going to need to build your credit score in the USA. Whether you’re after a few years of work experience on the or you’re hoping to secure a Green Card after building a credit score in the USA is … Read more
People often wonder whether their credit score will change when they get married. The answer is getting married will not change your individual credit score. But there is a relationship between marriage and credit scores under certain circumstances. Generally, when you tie the knot, each partner retains his or her own credit score. Neither partner’s … Read more
Refinancing your debt, such as a mortgage or car loan, can have many benefits. It can free up more cash to save or use for living expenses. However, it can hurt your credit for a few reasons. Before you decide, read on to learn how refinancing a loan affects your credit. What Is Refinancing? If … Read more