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Jennifer Stockett, Senior Advisor for the Office of Financial Institutions and Business Liaison at the Consumer Financial Protection Bureau (CFPB)

updated 10/17/14 10:31 PM
An 'Extremely Worthwhile' Discussion
Nearly 15 credit union leaders recently met at California Coast CU in San Diego with Jennifer Stockett, senior advisor for the office of financial institutions and business liaison at the Consumer Financial Protection Bureau (CFPB).

The California and Nevada Credit Union Leagues initially met with Stockett in Washington, D.C. in September during the Leagues’ annual “Hike the Hill” event. As a result of this successful meeting, Stockett asked to meet more League-member credit union leaders during her visit to California.

“The meeting was extremely worthwhile,” said Lucy Ito, executive vice president and COO of the Leagues. She said Stockett was "clear about where the CFPB needs feedback from credit unions."

The CFPB desires input on qualified mortgages with respect to the small creditor and rural definitions, as well as the disadvantages to self-employed borrowers and the potential risks to credit unions of offering non-qualified mortgages.

The bureau is also seeking credit union perspectives on the TILA/RESPA (Truth in Lending-Real Estate Settlement Procedures Act) combined disclosures rule, and whether third-party vendors will be ready for the Aug. 1, 2015 deadline.

Finally, the CFPB is requesting feedback on its Home Mortgage Disclosure Act (HMDA) proposal—which Stockett said perhaps the bureau needs to delve more deeply into for a full understanding of the potential impact on small creditors. Credit unions still have time to comment on this HMDA proposed rule through www.PowerComment.org.

Credit unions also discussed overdrafts with Stockett, emphasizing how credit union members desire this service. Stockett indicated the CFPB is thoroughly studying, analyzing, and seeking input on various aspects of overdrafts, and she does not expect a proposal to be issued until sometime in 2015.

Regarding the CFPB's proposed consumer complaint narratives rule, Stockett acknowledged there may be unnecessary reputational risk for financial institutions, and that the proposal continues to be debated internally at the CFPB.

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