Newsroom

August 16, 2012

NAFCU offers CFPB input on mortgage proposals

Aug. 16, 2012 – Senior NAFCU staff met with Consumer Financial Protection Bureau representatives Wednesday to continue discussing proposals that would combine mortgage disclosures and expand the number of loans subject to the Home Ownership and Equity Protection Act.

The meeting, attended by NAFCU General Counsel Carrie Hunt and NAFCU Regulatory Counsel Dillon Shea, is the latest in a series the association has been having with the bureau about the proposals. Since the agency first proposed combining disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act, NAFCU has been working closely with the CFPB to ensure credit unions' concerns are considered.

A key focus of the meeting was how the rules would impact credit unions, comments that have been received thus far, and how the proposals might be improved.

NAFCU continues to be concerned about the overall regulatory burden on credit unions and will keep working with the CFPB to mitigate any additional burden.

The CFPB has yet to indicate when a final rule may be coming on the TILA/RESPA proposal. The HOEPA rule needs to be finalized by Jan. 21, 2013.

Credit unions with questions are encouraged to view a NAFCU webcast on the TILA/RESPA and HOEPA proposals hosted by Hunt and Steve Van Beek, the association's director of regulatory compliance. The webcast, which originally aired in July, is archived here.

NAFCU has issued Regulatory Alerts on the above proposals and is seeking members' feedback.