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May 16, 2012 – Representatives of NAFCU and association member NRL FCU went to the Consumer Financial Protection Bureau Tuesday to discuss the bureau's mortgage servicing proposal.

NAFCURegulatory Affairs Counsel Dillon Shea and NLR FCU's Denine Messersmith attended the meeting, which was held in follow-up to the bureau's recent Small Business Review Panel session on the proposed rule currently being drafted.

Much of the discussion focused on the provisions that would apply to the periodic statement and the advance notice of rate adjustments for adjustable-rate mortgages. The group also discussed prompt crediting of payments, force-placed insurance, error resolution and requests for information.

Shea and Carrie Hunt, NAFCU's general counsel and vice president of regulatory affairs, met with CFPB representatives earlier in the day as well.

The CFPB has said it plans to issue a proposed rule by this summer. A final rule would be out by Jan. 21, 2013, and could provide for an implementation period of up to one year.