WASHINGTON— Credit unions have less than two weeks to influence potential mortgage regulatory changes, as the Consumer Financial Protection Bureau seeks industry input on ways to reduce compliance burdens and expand access to mortgage credit.
America's Credit Unions is urging credit unions to submit regulatory relief recommendations in response to the CFPB's Request for Information, noting the agency specifically invited feedback from credit unions as it considers reforms tied to President Trump's March executive order on mortgage lending.
According to ACU, the CFPB is evaluating possible changes to mortgage disclosure requirements aimed at simplifying the origination process, reducing regulatory burden and lowering compliance costs for institutions that make residential mortgage loans.
The review includes the integrated mortgage disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act (TRID), the right of rescission and reverse mortgage disclosures. Credit unions have until Aug. 3 to submit comments to America's Credit Unions, which will use the feedback in its own comment letter to the CFPB. The CFPB's deadline for comments is Aug. 10.
Read ACU's regulatory comment alert.