Search Results for keywords:"Insured Credit Unions"

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Search Results: keywords:"Insured Credit Unions"

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  • 2024-30653 — Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
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    Type:Rule
    Citation:89 FR 104398
    Reading Time:about 25 minutes

    The Consumer Financial Protection Bureau (CFPB) has announced changes to its Regulation Z, affecting the criteria exempting certain creditors from the need to create escrow accounts for higher-priced mortgage loans. The asset-size threshold for this exemption is now set at $2.717 billion for regular creditors and $12.179 billion for certain smaller banks and credit unions. These adjustments, effective from January 1, 2025, are based on changes in the Consumer Price Index, and the rule aims to update the thresholds accordingly for institutions.

    Simple Explanation

    The government is changing some rules about money banks must keep aside when lending to people buying more expensive houses. Now, if a bank is very big or smaller, they might not need to keep this extra money if they have less than about $2.7 billion or $12.2 billion in money, starting next year.

  • 2021-01572 — Higher-Priced Mortgage Loan Escrow Exemption (Regulation Z)
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    Type:Rule
    Citation:86 FR 9840
    Reading Time:about 97 minutes

    The Consumer Financial Protection Bureau has amended Regulation Z, which implements the Truth in Lending Act, to introduce a new exemption so certain depository institutions and credit unions no longer need to create escrow accounts for higher-priced mortgage loans. To qualify for this exemption, institutions must have assets of $10 billion or less and fewer than 1,000 such loans from the previous year, and meet other criteria like operating in rural or underserved areas. The final rule, effective February 17, 2021, aims to reduce regulatory burdens on smaller institutions while maintaining consumer protection standards.

    Simple Explanation

    The Consumer Financial Protection Bureau has made a new rule that lets some small banks and credit unions skip creating a special money-saving account for certain loans. This rule is like a shortcut for banks that are quite small and operate in places that don't have many banks around.