WASHINGTON—Various regulatory issues affecting the credit union industry, including overdraft, lending compliance and unfair, deceptive, or abusive acts or practices, were discussed by NAFCU board and CFPB Director Richard Cordray at NAFCU’s headquarters.
Regarding lending compliance issues, the board discussed the Home Mortgage Disclosure Act, the Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosures rule and the Military Lending Act, NAFCU reported.
NAFCU President and CEO Dan Berger, with other senior staff and the association’s regulatory affairs team, were also present in the meeting.
“We appreciate Director Cordray meeting with the NAFCU board and we will remain in close contact with the Bureau regarding its rulemakings and associated regulatory burden for credit unions,” said Berger. “In particular, we continue to strongly urge the Bureau to avoid promulgating any rule that would put any credit union offerings in jeopardy or that would curtail service to their nearly 105 million members.”
Jennifer Stockett, deputy assistant director of the CFPB’s Office of Financial Institutions and business liaison, also attended Monday’s meeting. Stockett discussed a preview of the bureau’s rulemaking agenda with NAFCU members in September.
The CFPB recently released its fall rulemaking agenda, which noted its final rule on the TRID “fix” could be issued in early 2017. However, the CFPB’s rulemaking agenda is subject to change since President-elect Donald Trump and congressional Republicans are discussing potential changes for the Dodd-Frank Act and the CFPB, NAFCU said.