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Webcast outlines CFPB rules ahead
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| Jonathan Pompan of Venable LLC gave Wednesday's webcast participants an overview of past and expectedrule- making by the CFPB. - NAFCU photo |
Dec. 14, 2012 – Credit unions over the past year have seen just a glimpse of the rulemaking yet to come from the CFPB, as illustrated well for participants of NAFCU's Dec. 12 webcast "CFPB Update: Credit Union Expectations for 2013."
The CFPB has drafted and issued a long list of proposed rules and finalized one major new rule– regarding international remittances – whose implementationis now being delayed until the spring.
Yet to come, as detailed by webcast speaker Jonathan Pompan of Venable LLP, are:
- final rules integrating disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act;
- a rule on how lenders may determine a consumer's ability to repay a mortgage loan;
- what might be defined as a "qualified" mortgage under that ability-to-repay regulation; and, among other things,
- proposed rules on alternative mortgage transactions and TILA mortgage rescission rules.
Pompan also detailed some of the bureau's enforcement activities to date, including a joint CFPB/FDIC order requiring Discover Bank to refund some $200 million to more than 3.5 million consumers because of alleged deceptive telemarketing and sales tactics. That order included the assessment of a $14 million civil money penalty.
As Pompan reminded Wednesday, the CFPB has regulatory authority over all insured financial institutions, including credit unions, plus supervision and enforcement authority over institutions with $10 billion or more in assets. Since that threshold is not indexed to inflation, more credit unions will come under those two CFPB authorities over time.
The Dec. 12 webcast remains available on demand for one year.