From the Archives: June 2013

MCUL Comments on CFPBs Delay of Effective Date for the Prohibition on Financing Credit Insurance Premiums 

On May 25, MCUL responded to the CFPB’s request for comment regarding the proposal to temporarily delay the June 1 effective date of a prohibition on creditors financing credit insurance premiums in connection with credit transactions secured by a consumer’s dwelling. In its letter, MCUL advocated for a delay in the effective date and requested clarification from the bureau as there remains uncertainty and confusion related to language contained in the Final Rule and Supplementary Information of the Final Rule. MCUL also addressed in its letter the importance of these products for credit union members.

The CFPB’s request for comment can be found here.
 


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