NEW YORK (7/3/13)--Credit unions must act now to prepare for rapidly approaching compliance dates mandated by the Consumer Financial Protection Bureau, CUNA Mutual Group's Regulatory Compliance Manager Lauren Capitini told an America's Credit Union Conference (ACUC) breakout session audience Tuesday.
The Consumer Financial Protection Bureau is moving ahead with new rules that have an enormous impact on credit unions' day-to-day activities, CUNA Mutual Group's Regulatory Compliance Manager Lauren Capitini told an America's Credit Union Conference (ACUC) breakout session audience Tuesday. (Photo provided by CUNA Mutual Group)
The conference, presented by the Credit Union National Association, ends today.
Capitini explained how the CFPB is moving ahead with new rules that have an enormous impact on credit unions' day-to-day activities.
"In the long run, you will be better served investing time, money and energy into compliance now," said Capitini. "Understand how your credit union needs to adapt to meet the CFPB's new rules, and then develop a strategic plan to implement these changes, which will include changes to the way you do business, your documents, and policies and procedures."
New remittance transfer rules have a mandatory compliance date of Oct. 28, and five of the CFPB's seven new mortgage compliance rules have January effective dates:
Ability-to-Repay, effective Jan. 10;
High-Cost Loans & Homeownership Counseling, effective Jan. 10;
Mortgage Loan Originator Compensation, effective Jan. 10;
Mortgage Servicing; effective Jan. 10; and
Reg B Appraisals and Higher-Priced Mortgage Loan Appraisals, effective Jan. 18.
"Stay focused, take time to understand the changes, and make adjustments where necessary," Capitini said. "Doing these things, combined with a positive outlook and understanding what you can control, will do more for your credit union than focusing on the pains of change."
Capitini wrapped up the session by giving attendees a glimpse of what's on her radar for regulatory compliance, including payday lending, overdraft protection, and the changes to Reg CC.
"Keep in mind, the CFPB is not done yet," Capitini said. "Looking at what the CFPB plans to accomplish in the next couple of years is daunting, but you have the tools to succeed as long as you start adapting now."
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