Cordray reaches out to NAFCU
Sept. 10, 2012 – NAFCU President and CEO Fred Becker received a call Friday from Consumer Financial Protection Bureau Director Richard Cordray to discuss the credit union industry’s concerns about pending CFPB rules on mortgage lending and a final rule on remittances.
In the call, the two discussed the bureau’s proposal on disclosures to consumers during mortgage application and settlement, its proposed mortgage servicing rule and the remittance rule. Cordray said the bureau plans to publish a small business guide in an attempt to clarify some aspects of the remittance rule. He was particularly interested in the extent to which the rule would cause credit unions to cease offering international remittances.
The call concluded with Cordray’s request for further specific dialog regarding the impact of the proposed mortgage and final remittance rules on credit union operations and service to their members.