WASHINGTON (9/17/13)--The Credit Union National Association has just launched a survey of its members that will aid the trade group in assessing the full impact of new Consumer Financial Protection Bureau mortgage rules slated to take effect in January 2014.
In January of this year, the CFPB released a slew of final mortgage rules, many of which are scheduled to go into effect with the new year. 2014. The CFPB regulations address mortgage servicing, mortgage loan originator compensation, high-risk-mortgage appraisals, ability-to-repay requirements, escrow accounts and "high-cost" mortgages.
The CUNA survey is intended to obtain additional data from credit unions on the top five or six areas of concerns regarding implementation difficulties. It also will provide better information on how many credit unions may consider altering the mortgage products and services offered to members as a result of the rules, whether credit unions are engaging consultants and vendors to assist with compliance, what the additional costs of compliance will be for credit unions, and the amount of time it will take to train credit union employees, among other things. The survey is featured in this week's Regulatory Advocacy Report (see resource link).
Mary Dunn, CUNA senior vice president of regulatory affairs and deputy general counsel, notes that, "While CUNA recognizes that it may be a heavy task to obtain a delay in the compliance date for the rules from the CFPB, CUNA is doing all we can to provide data to the agency that will demonstrate the difficulties and challenges that credit unions are experiencing in their attempts to comply by the January 2014 deadlines.
"We are asking all member credit unions to participate in this new survey because the responses will greatly help in our continuing efforts with the CFPB," she added.
For more on this and other key credit union regulatory topics, CUNA members can use the resource link below.