WASHINGTON (12/21/11)--The Credit Union National Association (CUNA) has asked credit unions to identify their highest priorities for updating, modifying, or eliminating specific provisions of regulations that are outdated, unduly burdensome, or unnecessary in a comment call on the Consumer Financial Protection Bureau's (CFPB) plans for regulatory streamlining.
The CFPB this month announced it would accept public input on how to best streamline over one dozen rules that it will soon inherit from seven federal agencies "to make it easier for banks, credit unions and others to follow the rules" and ensure that regulations work better for consumers and the firms that serve them.
Under the Dodd-Frank Act, rulewriting authority for more than 12 consumer protection laws was transferred from the National Credit Union Administration, the Federal Reserve, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the Office of Comptroller of the Currency and the Office of Thrift Supervision.
The CFPB plans to consider simplifying some regulations, standardizing some common terms across regulations, updating outdated or unneeded regulations, and removing unnecessary restrictions on consumer choice or business innovation.
That agency is accepting comment on which currently required disclosures could be considered for modification or removal. The CFPB also specifically has requested comment on regulations covering annual privacy notices, ATM fee disclosures, the coverage and scope of Home Mortgage Disclosure and Truth in Lending regulations, ability-to-pay standards, credit card debt electronic disclosures, and the Interstate Land Sales Full Disclosure Act.
The CFPB has set a March 5 deadline for public comments on the proposal, but CUNA plans to work with credit union leagues, the American Association of Credit Union Leagues' Regulatory Advocacy Advisory Committee, key CUNA subcommittees, credit union councils, and other credit union officials to develop a response well before this comment deadline. CUNA also is using its Operation Comment platform to encourage credit unions to provide their own comment to the CFPB.
For the full comment call, use the resource link.