Newsroom

April 10, 2013 – CFPB Assistant Director for Regulations Benjamin Olson discussed the bureau's mortgage regulations and answered questions during NAFCU's Regulatory Committee meeting Tuesday.

Olson, a lead attorney in the CFPB's mortgage rulemaking activities, was part of the afternoon teleconference among members of the Regulatory Committee and NAFCU staff. The Regulatory Committee includes 25 NAFCU member credit union representatives and is chaired by At-Large Director Cutler Dawson, president and CEO of Navy FCU. It has a direct role in shaping NAFCU's policy on regulations affecting members.

In the meeting, Olson discussed the CFPB's mortgage rule implementation guidance, which will be released on a rolling basis beginning in the next month. He also discussed the CFPB's current work on the combined Truth in Lending Act and Real Estate Settlement Procedures Act disclosure rule, including quantitative testing of disclosure forms. (A final rule is expected this fall.) In addition, he answered committee members' questions about the bureau's qualified mortgage rule, which takes effect next Jan. 10.

Other topics covered Tuesday included the scope of the Home Mortgage Disclosure Act, general-purpose reloadable cards, Project Catalyst and the bureau's consumer complaint database.

Tuesday's discussion among Olson and the NAFCU Regulatory Committee was part of the association's ongoing effort to ensure clear communication with the bureau on matters affecting credit unions. NAFCU is working to mitigate the growth and impact of new regulatory burdens for credit unions.