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News Now

Washington
CUNA in small group meeting with CFPB on mortgage disclosures
WASHINGTON (5/18/11)--The Credit Union National Association (CUNA) was part of a small group meeting Tuesday in which financial institution representatives met with the Consumer Financial Protection Bureau (CFPB) to discuss how to combine current Truth-in-Lending/Real Estate Settlement Procedure model mortgage disclosure forms. The consolidation of the forms, which currently are considered lengthy and confusing, is ordered by the Dodd-Frank Wall Street Reform Act. CUNA urged Congress to include provisions in Dodd-Frank that would require streamlining and integration of these forms. Under Dodd-Frank, the revision and combination of these forms is due by July 21, 2012. Special advisor to President Barack Obama, Elizabeth Warren, said Tuesday that the meeting was the first step in a long process of gaining feedback from financial institutions, consumers and other interested parties on the new draft form. The agency plans to have a live link posted to its website later this week that interested parties will be able to use to review and evaluate the form. The CFPB also will host reviews for consumers in five cities, starting with Baltimore. Md. on Thursday. CUNA is organizing a group of credit union mortgage lending experts to help review the draft form and provide feedback to the CFBP. CUNA Deputy General Counsel Mary Dunn and Senior Assistant General Counsel Michael Edwards represented CUNA at the CFPB meeting.


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