WASHINGTON (5/31/12)--The Consumer Financial Protection Bureau (CFPB) is asking mortgage and remittance industry participants to detail how new regulations could create new compliance and cost issues for those institutions, and the Credit Union National Association (CUNA) has urged credit unions to add their voices to the discussion in a new comment call.
Federal law requires the CFPB to consider the burden that potential regulatory actions could create before the agency moves forward.
The CFPB will collect information on implementation costs, ongoing compliance costs, and other associated costs that new regulations could create for credit unions and other institutions through structured interviews, focus groups, conference calls, written questionnaires, and online surveys. The agency is also seeking information on how the costs created by new regulations could impact consumers, and the products that they are offered.
CUNA in its comment call asks credit unions if they support the CFPB's information collection plans, and whether the collection plans have "practical utility." Credit unions can also suggest ways the CFPB could enhance the quality, utility, and clarity of the information collection process, and how any information reporting burdens could be minimized.
The CFPB is working on new mortgage servicing and disclosure rules as well as overdraft fee regulations, and recently announced its intention to develop new rules for prepaid cards and supervising nonbank financial services providers.
The CFPB also has rulemaking authority over the Alternative Mortgage Transaction Parity Act; the Consumer Leasing Act; the Equal Credit Opportunity Act; the Fair Credit Billing Act; the Fair Credit Reporting Act; the Fair Debt Collection Practices Act; the Federal Deposit Insurance Act; the Homeowners Protection Act; the Home Mortgage Disclosure Act; the Home Ownership and Equity Protection Act; the Real Estate Settlement Procedures Act; the SAFE Mortgage Licensing Act; the Truth in Lending Act; the Interstate Land Sale Full Disclosures Act; and the Electronic Fund Transfer Act.
CUNA will collect credit union comments on this issue until June 11. For the full comment call, use the resource link.