updated 09/16/13 02:22 PM
HELP DELAY CFPB MORTGAGE RULES
Survey to Assess Impact of Rules
Here’s an unsettling reality: The Consumer Financial Protection Bureau's (CFPB) mortgage rules become effective in January 2014, less than four months from now. Credit unions tell us that the overwhelming compliance burden with the new rules—particularly during tax reporting season, when many necessary computer systems aren’t available to be retooled—presents seemingly impossible practical hurdles. The Credit Union National Association (CUNA) has been working with the CFPB to improve the rules and delay compliance.
You can help.
This morning, we are releasing a survey to help us further assess the impact of the new rules on credit unions, and equip us with quantifiable evidence to take back to the Bureau to convince them to provide more relief. This won’t be an easy lift. Just this week, CFPB Director Richard Cordray reiterated that he does not anticipate allowing a delay at all. We know, however, this is too important, and too difficult of a challenge for credit unions, for us to give up the fight. Your responses will help us make one last push—and, we hope, reduce the burdens of these rules.
The survey is available here and will be live until Sept. 23. Thanks in advance to all of you who help in this effort by completing the CUNA survey as soon as possible.
    © 2014 California Credit Union League