Changes to Rules Affecting the Garnishment of Accounts Containing Federal Benefit Payments

By John B. C. Porter, Partner  The Department of the Treasury, the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board and the Office of Personnel Management (“Agencies”) published a proposed rule on April 19, 2010, to address concerns related to the garnishment of certain exempt Federal benefit payments direct deposited into…

CFPB Mortgage Rules

By David A. Wolfe, Attorney On May 29, the Consumer Financial Protection Bureau (CFPB) finalized several amendments to its ability-to-repay and qualified mortgage rules.  Originally adopted in January 2013 and taking effect next January, these rules require residential mortgage lenders to consider a borrower’s ability to repay before extending credit and provide certain protections from…

One Year and Two Dollars Later

By Shari Storm In 2012 I compiled “23 Credit Union Truths” for this blog site and we later discussed them on the Current Issues in Credit Unions podcast. Truth number 9 was “You can spend $2 million pleading with your members to change their behavior. Charge a $2 fee and they change overnight. In other…