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CUNA to CFPB Consider CUs as rules are written (07/04/2011)
WASHINGTON (7/5/11)--The Credit Union National Association (CUNA) has called on the Consumer Financial Protection Bureau (CFPB) to consider the differences between member-owned financial cooperatives such as credit unions and for-profit banks that put the interests of their shareholders first as it develops and amends rules. CUNA's Deputy General Counsel Mary Dunn reiterated to the CFPB that credit unions are quite concerned about the rising tide of regulations under which credit unions must operate. She urged the agency to look for ways to minimize those requirements. She added that credit unions support reasonable consumer protections but the regulatory burden on financial institutions that seek to meet consumers' financial needs must be reasonable as well. The CFPB will oversee regulations addressing lending, savings, and consumer privacy when a number of consumer protection laws such as Truth in Savings are moved from the Federal Reserve, the National Credit Union Administration, the Federal Deposit Insurance Corp., and other regulators later this month for implementation by the CFPB. The Truth in Lending Act (TILA), Equal Credit Opportunity Act, most provisions of the Electronic Fund Transfers Act and others are also on the CFPB's regulatory agenda. Nineteen laws are scheduled to come under the CFPB's oversight in late July. CUNA in a comment letter to the CFPB said that it does not take issue with the CFPB taking on oversight of these rules. CUNA did, however, urge the CFPB to refrain from imposing new rules on credit unions. The letter also commended the CFPB for its approach to streamlining TILA and Real Estate Settlement Procedures Act (RESPA) forms. The CFPB is working to integrate the various TILA and RESPA disclosures into a single document comprehensible by consumers. This integration will be achieved by a multi-stage revision process through which the CFPB will release five separate, consecutive versions of its merged mortgage disclosure form. New sample forms will be released about once per month between now and September. A single draft disclosure will then be developed. The CFPB is currently in the second stage of this process. CUNA, leagues and credit unions have been actively involved in working with theCFPB on this project and in May met with the CFPB to discuss the first stage of the streamlining process. Additional meetings are in the works. CUNA urged the agency to continue to reach out to stakeholders as it moves forward.


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