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CUNA strongly backs CU exemption from FTC loan rescue rule
WASHINGTON (3/29/10)--The Credit Union National Association (CUNA) in comments to the Federal Trade Commission (FTC) spoke in support of the FTC’s proposal to “protect consumers from unscrupulous entities who take advantage of consumers by offering loan modification and foreclosure rescue services that impose high costs without providing any benefits.” CUNA also said that it supports portions of the FTC’s proposed rule that would “exempt those that hold or service a loan secured by a home” from the burdens imposed by the new FTC protections. Currently, the FTC proposal exempts state-chartered credit unions, and federally chartered credit unions are not regulated by the FTC. The FTC proposal would restrict or prohibit practices that take advantage of vulnerable homeowners who seek loan modification or foreclosure rescue services. CUNA “strongly” encouraged the FTC to “retain” the state credit union exemption in the final rule to help ensure that “state-chartered credit unions are not needlessly subjected to new regulatory burdens that will add to their compliance costs.” “Credit unions have not been the source of problems for home loan borrowers and do not need additional rules to ensure they act in their members’ best interests,” CUNA added. For the full comment letter, use the resource link.


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