A quickly approaching June 1 deadline to comply with new rules that prohibit charges related to single-premium credit insurance has prompted CUNA to ask the Consumer Financial Protection Bureau for an extension.
CUNA said it supports the Dodd-Frank mandated prohibition against the financing of actual single-premium credit insurance.
However, CUNA President/CEO Bill Cheney told CFPB Director Richard Cordray in the April 19 letter that language included in the Supplementary Information, which was not included in the proposed rule, is unclear and appears to prohibit the addition of any monthly charge for the insurance to the loan balance.
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