Sept. 5, 2012 – NAFCU staff met with Consumer Financial Protection Bureau rule writers Tuesday to continue discussing ways to improve a number of mortgage proposals that would impact credit unions.
It was the latest in a series of meetings the association has been having with the CFPB since the mortgage proposals were first announced. While yesterday’s meeting touched on several different CFPB proposals, the general focus was on regulatory burden and the need to give credit unions adequate time to comply.
Credit unions are struggling to keep up with the deluge of proposals coming from the CFPB, which includes a 1,099-page proposed rule to combine disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act, a proposed rule that would expand the types of mortgage loans that are subject to the Home Ownership and Equity Protection Act and proposed rules that would revise mortgage servicing requirements. These are just a few.
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.
In the meantime, credit union compliance officers, mortgage loan staff and other industry professionals can look to resources from NAFCU to help make compliance a little easier. The association is encouraging members and non-members alike to participate in today’s webcast, “Inside the CFPB’s Mortgage Lending Proposals.” Led by NAFCU Director of Regulatory Compliance Steve Van Beek, the webcast offers participants a convenient overview of the bureau’s numerous mortgage proposals, including the ones mentioned above. Register now.