May 01, 2018

NAFCU at CUAC meeting May 17 on HMDA

CFPB buildingNAFCU will attend the CFPB's Credit Union Advisory Council (CUAC) meeting beginning at 9 a.m. Eastern May 17 for a discussion on the Home Mortgage Disclosure Act (HMDA) and several of the bureau's requests for information (RFI) on various regulatory activities.

The meeting will take place at the bureau's headquarters in Washington.

Most of the new HMDA requirements went into effect Jan. 1. They affect home equity lines of credit, establish transactional thresholds for coverage and expand the number of HMDA data points to be collected from credit unions.

NAFCU has a host of HMDA compliance resources available to association members, including charts and guides, articles, webcasts and blog posts.

Also being discussed at the May 17 CUAC meeting are the CFPB's RFIs to obtain public feedback on how to improve its functions and outcomes for consumers and the entities it regulates. As NAFCU puts together comments for the CFPB on these requests, credit unions can submit their own input to NAFCU through its Regulatory Alerts on these RFIs.

The CUAC was formed under the Dodd-Frank Act to provide direct feedback to CFPB on its policy development, research, rulemaking and engagement functions. The council has 15 members, all of them from credit unions with $10 billion or less in assets. Newly appointed members will serve two-year terms. Several NAFCU members currently serve on CFPB's CUAC, including two members who were appointed in July.