Removing Barriers Blog

Credit Unions Offer Recommendations to CFPB’s Regulatory Implementation Team
Posted April 25, 2016 by CUNA Advocacy

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.