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News Now

Washington
Vale CFPB wants to cut reg burden for good guys like CUs
WASHINGTON (9/22/11)--Minimizing the regulatory burden on “good guys” like credit unions, while making sure that the market is not harmed by the actions of others, is a key goal of the Consumer Financial Protection Bureau (CFPB), CFPB Assistant Director for Community Banks and Credit Unions Elizabeth Vale said during a Credit Union National Association (CUNA) Hike the Hill event in Washington, D.C. on Wednesday.
CFPB official Elizabeth Vale covered that agency’s current and future work on behalf of credit unions and consumers in remarks delivered Wednesday before credit union groups from across the country. (CUNA Photo)
Vale spoke before a group of credit union advocates from Idaho, Wisconsin, Kentucky, Florida, Alabama, Kansas, and Minnesota. Bart Shapiro, the senior adviser for the CFPB’s Office of Community Banks & Credit Unions, also appeared before the group. Citing the CFPB’s great working relationship with CUNA, Vale said that she and the agency are well aware of the regulatory burdens faced by credit unions, and that the CFPB should hear directly from credit unions "early and often" so regulatory problems can be averted before they need to be corrected. She added that the CFPB is looking for ways to eliminate or modify some current troublesome regulations, and wants to use the same process used in the ongoing revisions of Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) as other regulations are revised. The CFPB is working to combine TILA and RESPA mortgage disclosures into one single document. That work began earlier this year when the agency released the first of several drafts of a combined mortgage form, and is scheduled to be completed later this year. The CFPB has relied heavily on the input of consumers, financial institutions and other professionals and has published each version of its combined form on its homepage for comment.


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