Today,
together with the MD|DC Credit Union Association, CUNA accompanied a number of
the Association’s member credit unions to a meeting with CFPB staff to discuss
regulatory implementation. Specifically, at the CFPB’s request, the meeting
focused on the Bureau’s Regulatory Implementation Team’s work on the HMDA
regulation. The meeting gave Maryland and DC credit unions an opportunity to discuss
successes and challenges with the implementation of HMDA
and other recent rules.
For example, we noted the usefulness of the CFPB’s
small entity compliance guides, while noting that they are not as useful if they simply restate
the text of the regulation. We also expressed support for the CFPB’s webinars, but recommended the Bureau provide a complete
(searchable) transcript of the presentation and any Q&A for those unable to
attend the entire webinar.
Overall,
it was a productive meeting, with CFPB staff focusing on how they agency can improve the
implementation experience. We appreciate the opportunity to join the
Association for this important dialogue with the Bureau.