ECUM: CUs concerned about CFPB prepaid reg
July 11, 2014 – In an Economic & CU Monitor survey focused on CFPB rulemaking, about 74 percent of credit union respondents said they were concerned about general compliance issues regarding CFPB’s advance notice of proposed rulemaking on prepaid cards.
Credit union respondents also shared their concerns about the bureau’s TILA-RESPA combined mortgage disclosures rule and the rule on remittance transfers.
CFPB’s TILA-RESPA requirements on combined mortgage disclosures take effect Aug. 1, 2015. Nearly all survey respondents – 92 percent – said they have their compliance plans in place to accommodate the changes. About 79 percent are using third-party vendors to comply with the new rule.
Just 5 percent of respondents credited CFPB with being “very helpful” during the compliance planning process for the combined TILA-RESPA disclosures rule.
Regarding CFPB’s rule on remittance transfers, which went into effect October 2013, more than one-third of credit union respondents to the survey (35.3 percent) have ceased or limited their remittance services since the rule went into effect.
Also of note in July’s Economic & CU Monitor survey:
- Loan growth rose to 9.1 percent year over year in May. Respondents expect first mortgage loan growth to be nearly flat over the next year.
- Every region expects equal or accelerating loan growth during the next year.
NAFCU’s is requesting responses to its next survey on interest rate risk for the August edition of the Economic & CU Monitor. Survey responses are due to NAFCU by July 31.
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