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Reg Cost-benefit, MLO Payments And More Detailed In CUNA Report
WASHINGTON (7/23/13)--This week's edition of the Credit Union National Association's Regulatory Advocacy Report features updates on three slightly under-the-radar items that are of importance to credit unions: An Administrative Conference of the U.S. call for regulators to improve their own cost-benefit analyses, a U.S. Appeals Court decision regarding Mortgage Loan Officer payments, and potential action on Department of Defense (DoD) service members consumer credit regulations.

The Administrative Conference of the U.S. (ACUS), an independent federal agency focused on improving the administrative process, has adopted a number of best practices for cost-benefit analysis in rulemaking by independent regulatory agencies, and the group believes independent regulatory agencies and other governmental bodies should document their own cost-benefit analysis practices.

The ACUS has also encouraged agencies to:
  • Develop written guidance on cost-benefit analysis; and
  • Consider analytical practices under current Office of Management and Budget requirements for major rules.
CUNA continues to urge the Consumer Financial Protection Bureau and National Credit Union Administration to conduct detailed cost-benefit analysis on proposed and final rules to minimize regulatory burdens on credit unions.

Developments in a U.S. Court of Appeals for the District of Columbia Circuit case are also being closely watched by CUNA. That court recently vacated a 2010 Department of Labor (DOL) federal wage-and-hour law interpretation, under which the DOL concluded the typical duties performed by mortgage loan officers do not qualify for the administrative exemption under the Fair Labor Standards Act. Under this decision, mortgage loan officers would be eligible for overtime pay, unless they qualified for another exemption.

CUNA has also asked credit unions that are offering small dollar loans to servicemen and women to detail those programs in a new comment call. The DoD recently released an advanced notice of proposed rulemaking (ANPR) on protections that apply to consumer credit extended to members of the armed forces and their dependents. The agency is considering changes to these regulations. The CUNA comment call also includes a summary and draft discussion points regarding the DoD ANPR.

For more on these issues and other key credit union regulatory developments, as detailed in this week's RAR, use the resource link.
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