June 10, 2011 – NAFCU is asking members to provide their input by June 17 on whether they think the Consumer Financial Protection Bureau has identified appropriate regulations for its future enforcement efforts.
The CFPB published a notice recently that identifies six NCUA regulations as among those it will enforce after it receives its full regulatory authorities July 21. Those rules focus on credit union lending, truth in savings compliance, consumer financial privacy, fair credit reporting, requirements for insurance and registration of mortgage loan originators.
The bureau has also identified rules from other agencies addressing home mortgage disclosures, equal credit opportunity, mortgage settlement procedures, land sale disclosures and electronic fund transfers.
Comments are due to Treasury by June 30 on the list of rules identified by the bureau. NAFCU will use members’ input received by June 17 in preparing its official comment.
Members can provide their comments online via the association’s Regulatory Alert (member only). For all regulatory alerts, go to www.nafcu.org/regulation.