Credit unions can expect assistance from CUNA Mutual Group with the recent changes involving multi-featured open-end lending and blending lending, the company said.
A July 20 NCUA letter to federal credit unions confirms regulations continue to allow MFOEL. However, it provides limitations on the amount of information a credit union may gather at the time of an advance request, which will limit the use of MFOEL for some credit unions.
"CUNA Mutual has worked with credit unions on lending compliance issues for more than 30 years and provides lending products that ensure compliance," Bill Klewin, CUNA Mutual's director of regulatory compliance, said in a statement. "We will help credit unions through this change and continue to be here for them as the many new regulations emerge."
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