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CFPB Softens Rules on Loan Originator Compensation

NCUA says credit unions may now make contributions to qualified plans for loan originators out of a pool of profits derived from loans originated by employees.

By Heather Anderson | Updated on April 24, 2012

Credit unions may now make contributions to qualified plans for loan originators out of a pool of profits derived from loans originated by employees, according to a new NCUA regulatory alert.

According to the regulator, the Consumer Financial Protection Bureau released informal guidance earlier this month that softened a position formerly held by the Federal Reserve Board, clarifying how it interprets loan originator compensation rules that apply to qualified plans under Truth in Lending.

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