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CUNA Regulatory Comment Call

June 5, 2009

EXECUTIVE SUMMARY

• The Federal Trade Commission (FTC) has initiated two advance notice of proposed rulemaking (ANPR) with regard to mortgage loans. The purpose is to request and analyze comments in response to the ANPR for purposes of developing specific proposed rules in the future that would prohibit or restrict mortgage loan practices.
• One ANPR addresses the activities that occur throughout the mortgage loan process. This includes advertising, marketing, origination, appraisals, and loan servicing. The other ANPR addresses the practices of those who offer loan modification and foreclosures rescue services to consumers, which have been the subject of recent scams.
• For both ANPRs, the FTC is requesting general comments as to whether the agency should develop rules to restrict or prohibit activities in these areas. These ANPRs do not include any detailed or specific proposals. Any rules that would be developed would be issued under the unfair or deceptive acts or practices provisions of the FTC Act.
• The rules adopted by the FTC will not apply to banks, thrifts, or federal credit unions. However they will apply to other entities in which the FTC has jurisdiction under the FTC Act and this would include state-chartered credit unions. Any rules that would apply to state-chartered credit unions would be in addition to the current rules that apply to mortgage lending.
• Comments in response to the ANPR on activities that occur throughout the mortgage loan process are due by July 30, 2009. Please submit your comments to CUNA by July 21, 2009. Comments directed to the FTC must refer to “Mortgage Acts and Practices Rulemaking, Rule No. R911004.”
• Comments in response to the ANPR on activities offered by loan modification and foreclosure rescue services are due by July 15, 2009. Please submit your comments to CUNA by July 7, 2009. Comments directed to the FTC must refer to “Mortgage Assistance Relief Services Rulemaking, Rule No. R911003.”

Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Senior Vice President and Deputy General Counsel Mary Dunn at mdunn@cuna.com or to Senior Assistant General Counsel Jeff Bloch at jbloch@cuna.com; or mail them to Mary or Jeff in c/o CUNA’s Regulatory Advocacy Department, 601 Pennsylvania Avenue, NW, South Building, 6th Floor, Washington, DC 20004. You may also contact us if you would like a copy of the ANPRs or you may access them on the Internet at the following addresses:
http://www.ftc.gov/os/2009/05/R911004mortgageacts.pdf

http://www.ftc.gov/os/2009/05/R911003mortgageassistance.pdf