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NAFCU President and CEO Dan Berger and senior staff met with CFPB Acting Deputy Director and General Counsel Meredith Fuchs on Thursday to discuss credit unions' top regulatory concerns and NAFCU's suggestions.

Also at the meeting were NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Alicia Nealon.

Fuchs previously served as CFPB's chief of staff and principal deputy general counsel, and she also served as the chief investigative counsel for the House Committee on Energy and Commerce.

"The regulatory pendulum has swung too far post-Dodd Frank, and the CFPB rules keep coming," said Berger. "While NAFCU appreciates some of relief provied by the bureau this year, including its recent small creditor exemption adjustment, we firmly believe that the CFPB needs to write and rewrite its rules to reduce their impact on credit unions."

In addition to the mortgage rules, NAFCU's meeting Thursday at CFPB addressed:

• The Truth in Lending Act and Real Estate Settlement Procedures Act integrated disclosure (TRID) rule, which will go into effect tomorrow. NAFCU thanked the CFPB for considering, along with NCUA, "good faith efforts towards substantial compliance," and asked that the CFPB join with NAFCU on further training for the association's members.
• CFPB's reporting requirements for the Home Mortgage Disclosure Act, which are set to be changed under Regulation C by the end of 2015. NAFCU advocates a broader exemption for the new requirements for small institutions, and it requests CFPB reconsider retaining optional reporting for home equity lines of credit.
• CFPB's consideration of overdraft fee programs, which it has not yet regulated. NAFCU requests that CFPB consider long-term implications of overdraft regulation, particularly of a one-size-fits-all approach.
• Other ongoing policy issues including the bureau's unfair deceptive and abusive acts or practices enforcement actions, which NAFCU has raised concerns about.

NAFCU staff will continue to monitor bureau actions on these and other issues for their potential impact on credit unions.