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CUNA warns against piecemeal Reg Z changes
WASHINGTON (10/29/10)--Bill Cheney, President/CEO of the Credit Union National Association (CUNA) said that CUNA “remains very concerned” with the Federal Reserve Board’s (Fed’s) “piecemeal process” for amending Regulation Z, a process that “has imposed staggering costs and burdens on credit unions and has in many respects caused confusion for credit union members.” The letter was sent to Treasury Secretary Tim Geithner, CFPB Administrator Elizabeth Warren, and Fed Chairman Ben Bernanke. Cheney reiterated CUNA's longstanding support for reasonable consumer financial protection. However, he said confusion “will be compounded” if the Fed continues to issue new rules at the same time that the U.S. Treasury and the newly created Consumer Financial Protection Bureau (CFPB) do their own work to integrate various Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures. Overall, Cheney said, the Fed’s recent Reg Z rulemaking process has been "counterproductive and threatens the success of the current efforts to combine the TILA and RESPA disclosures.“ He added that the Fed’s current rulemaking efforts could be "inconsistent" with these and future rule changes to implement the consumer protection provisions of the Dodd-Frank Act and could prove to be “duplicative, counterproductive, and confusing for consumers.” Cheney noted that similar regulatory changes that were made in recent years have had similar impacts on credit unions, which often are forced to cope with these changes while also dealing with limited budgets and personnel issues. While CUNA supports the overall implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CUNA letter urged the agencies to support a temporary suspension of home mortgage disclosure-related rulemaking under Reg Z to better coordinate those efforts with the work on consolidation of TILA and RESPA disclosures. For the CUNA letter, use the resource link.
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