Wednesday, February 15, 2012 10:52:00 AM
WASHINGTON – As the CFPB continues to assume authority over consumer and finance-related regulations from other agencies, CUNA has strongly urged the regulator to thoroughly analyze new as well as existing rules for which it has jurisdiction and consider how they could be amended to ease the regulatory burden faced by credit unions.
CUNA filed a trio of comment letters yesterday addressing the Fair Debt Collection Practices Act (Reg F), disclosure requirements for non-federally insured financial institutions (Reg I), and mortgage advertising practices and mortgage relief assistance services (Regs N and O, respectively). It called on the CFPB to examine its existing and new regulatory authorities carefully, with the objective of providing meaningful regulatory relief. That same message will be emphasized when CUNA files additional CFPB comment letters later this week.
The rules addressed in these three comment letters are a few of the many interim final rules that were issued by the CFPB for public comment. The interim final rules became effective on December 30, and they substantially duplicate the existing text of the previously published regulations, only adding slight technical changes and transferring authority to the CFPB, as mandated by the Dodd-Frank Act.
Additional information on CUNA comment letters is here.