Cordray, NAFCU Board meet today
NAFCU's board and CFPB Director Richard Cordray (above) meet today on rulemaking topics. (NAFCU photo, from 2012 meeting)
Dec. 5, 2013 – CFPB Director Richard Cordray and NAFCU’s board meet this morning on a wide range of rulemakings having an impact on credit unions, including a passel of mortgage regulations slated to take effect in January.
NAFCU has maintained regular, ongoing discussions with Cordray and CFPB policy staff on a wide range of consumer protection issues addressed by the bureau since it began to set up shop in 2010. Among these are the CFPB’s “Know Before You Owe” rules on mortgage disclosures, international remittance rules, student loan servicing rules, consumer complaint collection and processing, overdraft issues and more.
These efforts by NAFCU have produced some victories on key regulatory concerns for credit unions. The most recent is the CFPB’s decision to provide a lengthy delay in implementation of its final mortgage rule under the Truth in Lending Act and Real Estate Settlement Procedures Act. NAFCU sought at least a 12-month delay in implementation. The final TILA/RESPA disclosure rule, released last month, takes effect Aug. 1, 2015.