Feb. 13, 2013 – NAFCU General Counsel and Vice President of Regulatory Affairs Carrie Hunt pointed to NCUA rulemaking held over from last year and ongoing concerns about the CFPB’s consumer complaint process in remarks Tuesday during NAFCU’s member call-in.
Hunt presented listeners with a look at the top issues that either are in process or expected to be addressed in the near future at the two agencies. Here’s a brief run-down:
- Pending NCUA rulemaking – Hunt pointed to numerous rulemakings in process since last year and said pending rules on CUSOs and loan participations remain on hold. These may see further change later in the year, she said.
- Prompt corrective action and capital – NCUA has an internal working group on PCA rules. NAFCU continues to seek changes in PCA and capital requirements and is monitoring developments on the international Basel III standards for banks. NCUA doesn’t have to follow these, but it could fashion a capital structure that mirrors certain aspects.
- TILA/RESPA – Hunt said the CFPB could issue final rules combining mortgage disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act by September.
- Consumer complaints – The CFPB continues to promote its consumer complaint process. NAFCU remains concerned about reputation risk for credit unions given the lack of clarity on whether complaints are being published only after they have been verified.
- Legal issues – Though the CFPB does not have direct enforcement authority over most credit unions, some could still receive information requests as the bureau expands its consumer financial protection enforcement function.
The member call-in is archived online for members (login required).