Removing Barriers Blog

CUNA Works with SBA Office of Advocacy to Highlight Changes that Should be Made to CFPB Rules

CUNA staff attended an SBA Office of Advocacy Roundtable this week to discuss the Dodd-Frank required assessment of CFPB mortgage rules and the Small Business Lending Request for Information. In addition to SBA Office of Advocacy staff, staff from the CFPB, the Federal Reserve, and the House Small Business Committee also attended. During the roundtable, the group discussed ideas for reducing regulatory burdens on small entities, such as credit unions.

Specifically, the group discussed: 

  • Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X) Assessment 

  • Ability-to-Repay/Qualified Mortgage Rule Assessment 

  • Dodd-Frank Section 1071 & The CFPB’s Request for Information on Small Business Lending

CUNA provided several credit union specific suggestions for changes to the mortgage rules and the pending Small Dollar Lending rule. 

The SBA Office of Advocacy has in the past expressed concerns when CFPB rules have the potential to be overly burdensome to credit unions. Last year, they sent several suggestions during the comment period for the CFPB’s proposed small dollar loan rule and urged it to exempt credit unions from it. In addition to this week’s roundtable, the SBA Office of Advocacy plans to hold roundtables throughout the country to: 

  • Identify regional small business regulatory issues in order to assist agencies with regulatory reform and reduction in compliance with Executive Orders 13771 & 13777; 

  • Compile crucial information for Advocacy’s new report on existing small business regulatory burdens across the nation, identifying specific recommendations for regulatory changes based upon first-hand accounts from small businesses across the country; and 

  • Inform and educate the small business public as to how Advocacy and SBA can assist them with their small business goals. 

CUNA will continue to work with the SBA Office of Advocacy to highlight areas where the CFPB should further tailor its rules to alleviate regulatory burdens on credit unions.