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News Now

Washington
CUNA to address CFPB mortgage field hearing as rules unfold
WASHINGTON (1/8/13)--The spotlight is set to shine this week on much-anticipated Consumer Financial Protection Bureau (CFPB) mortgage rule changes and the Credit Union National Association (CUNA) announced Monday that SECU of Maryland President/CEO Rod Staatz will testify on behalf of CUNA and credit unions at the CFPB Jan. 10 mortgage-policy field hearing in Baltimore, Md.

Also, CUNA anticipates that the bureau will release a number of its mortgage rule changes Wednesday, just ahead of that session.

Over the last two years, the Federal Reserve and the CFPB have issued a series of proposals to implement rule changes dictated by the 2010 Dodd-Frank Wall Street Reform Act. The regulators are now pushing up against a Jan. 21 deadline for adopting some of the final rules.

The reforms issues include:
  • Ability-to-repay/qualified mortgage regulations;
  • Loan originator compensation regulations;
  • Home Owner's Equity Protection Act regulations;
  • Mortgage servicing rulemakings that impact Regulation Z and Regulation X; and
  • Higher-risk mortgage appraisal regulations.
New escrow disclosure and waiver requirements are also expected to be finalized by the CFPB early this year. A final version of integrated Truth in Lending Act/Real Estate Settlement and Procedures Act disclosures, and accompanying rules, should be finalized by mid-2013.

CUNA continues to meet with the CFPB and urge improvements in all of these proposals and will keep credit unions posted as the new rules are issued, Dunn said.

For more on the CFPB hearings, use the resource link.
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