5-year review of crisis mum on CUs, but burdens continue
NAFCU President and CEO B. Dan Berger
Sept. 17, 2013 – Lawmakers and the administration have long acknowledged that credit unions didn’t cause the financial crisis, and there is nothing in the administration’s statements issued on the five-year anniversary of the downturn – which helped spur the Dodd-Frank Act – to suggest anything different.
That fact hasn’t kept credit unions out from under a raft of new rules designed to prevent a recurrence, however, which is keeping NAFCU busy working to mitigate the impact of growing regulatory burden on member credit unions.
“NAFCU remains concerned that credit unions are being hit with an enormous amount of new regulatory burden in response to activities in which they did not play a part,” said NAFCU President and CEO B. Dan Berger. “The nation’s member-owned, not-for-profit credit unions are toiling under thousands of pages of new and revised regulations, and the resources they put into this effort are resources that can’t be put to work serving their consumer-members.”
Berger said NAFCU is working with CFPB, NCUA and other regulators to limit the negative impact of new rules on credit union operations. In the meantime, it is working overtime to keep members apprised of new rules and provide compliance guidance to help lighten the load.
Among the most recent developments is creation by NAFCU’s regulatory compliance team of a consolidated regulatory text and commentary for each of CFPB’s six final mortgage rules. These rules amended several federal regulations, and many of the individual regulatory sections were amended by different final rules.
The online consolidated texts show credit unions how these rules will look in January, when they go into effect.
Consolidated texts of CFPB mortgage rules
NAFCU Compliance Blog post, 9/13
White House report, "The Financial Crisis: Five Years Later"