News - page 3
Announcing Our Partnership with Farm Credit Mid-America
Farm Credit Mid-America is an agricultural
lending cooperative owned and controlled by Farm Credit customers. With more
than 1,200 employees, Farm Credit serves nearly 100,000 customers throughout
Indiana, Ohio, Kentucky, and Tennessee.
HOEPA Updates for 2018
The CFPB is adjusting two dollar amounts that are used in the “points and fees”
trigger for coverage under HOEPA for calendar year 2018. The two dollar amounts
are (1) the loan amount threshold (changing from $20,579 to $21,032), and (2)
the total points and fees amount (changing from $1,029 to $1,052). All of our
core products have been updated to include these new amounts, ensuring that your
organization is compliant with the new year’s values.
Announcing Our Partnership with Mastercard
Mastercard (NYSE: MA),
www.mastercard.com, is a technology company in the
global payments industry. The company operates the world’s fastest payments
processing network, connecting consumers, financial institutions, merchants,
governments and businesses in more than 210 countries and territories.
Mastercard products and solutions make everyday commerce activities – such as
shopping, traveling, running a business and managing finances – easier, more
secure and more efficient for everyone.
The Military APR (MAPR) - We Comply, do You?
In July 2015, the Department of Defense issued a final rule amending the
Military Lending Act’s (MLA) protections. Though the rule took effect October 1,
2015, it did not require immediate action by financial institutions. However,
this final rule outlined two specific dates on which MLA’s protections will
become effective: October 3, 2016 (consumer loan products with the exception of
credit cards) and October 3, 2017 (credit cards).
HOEPA Updates for 2017
The CFPB is adjusting two dollar amounts that are used in the “points and fees”
trigger for coverage under HOEPA for calendar year 2017. The two dollar amounts
are (1) the loan amount threshold (changing from $20,350 to $20,579), and (2)
the total points and fees amount (changing from $1,017 to $1,029). All of our
core products have been updated to include these new amounts, ensuring that your
organization is compliant with the new year’s values.