CUNA Brings Reg Burden Concerns to CFPB

Posted by Marissa Anema Thursday, August 25, 2011 10:32:00 AM

WASHINGTON - With Congress off on its summer recess, CUNA has focused its work on the regulatory front, meeting this week to discuss the credit union regulatory burden with Consumer Financial Protection Bureau (CFPB) Assistant Director for Community Banks and Credit Unions Elizabeth Vale.

CUNA Deputy General Counsel Mary Dunn, accompanied by NCUF Executive Director Bucky Sebastian, met with Vale and others at the agency's offices in Washington.

During the discussions, they again called on the CFPB to consider ways to help minimize regulatory burden for credit unions. CUNA continues to advocate that the agency establish an Office of Regulatory Burden Monitoring to help track, consider, and mitigate the cumulative regulatory burden under which credit unions and others must operate.

Financial literacy, the pending TILA proposal on the ability of the borrower to repay, as well as issues with the Qualified Residential Mortgage (QRM) rule under the credit risk retention proposal were discussed.

CUNA representatives also participated in a CFPB call yesterday on its TILA/RESPA disclosure form project. CFPB indicated that it is continuing its efforts to draft the "right" disclosure for consumers, adding that it is the agency's intent to ensure that consumers can understand the forms and make informed decisions concerning mortgage borrowing.

CFPB representatives indicated that a fourth round of draft disclosure forms will be issued in September, and that additional roundtable calls would be held to further discuss and revise the forms at this time, as well.

CUNA is also working with credit unions to compile a comprehensive list of credit unions' regulatory burdens to send to federal regulators.

Information on this regulatory effort is available here.

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