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Regulatory Advocacy

Working Together to Reduce Regulatory Burdens
Regulatory Advocacy brings the voice of credit unions to federal and state regulators. Our Regulatory Advocacy staff is committed to establishing and maintaining effective working relationships with regulators to ensure credit unions’ issues and concerns are heard.

The Regulatory Advocacy area keeps you informed of the latest proposed rules and regulations, their potential impact on credit unions, and provides comments to regulatory agencies to help shape regulations and lessen the compliance burden. 

 
PowerComment

An interactive online tool designed to empower credit unions to participate in the regulatory process.

PowerComment allows you to:

  • Find up-to-date and easily digestible information on proposed compliance rules. This feature provides a summary of pending regulations to help you identify potential operational, financial, and member service impacts of proposed rules.
  • Participate in deeper discussions to increase your understanding of proposed regulatory rules. Ask fellow PowerComment users or League staff questions related to current proposed rules.
  • Write a comment letter to regulators. Convey your thoughts, opinions, and concerns regarding proposed rules. Whether your comments support or oppose a proposed rule – let the regulators know.

Educate yourself on proposed rules and regulations that affect your credit union and take the opportunity to comment! Visit www.powercomment.org to get started today.

From the Editors of CU Weekly

QM LOANS WON'T VIOLATE ECOA, REG B
updated 10/25/13 11:40 AM
Agencies Release Joint Statement
Five federal regulatory agencies have issued a joint statement in response to inquiries from creditors about whether they would be liable under the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, by originating only Qualified Mortgages under the Ability-to-Repay and Qualified Mortgage Standards Rule that takes effect Jan. 10.

These agencies recognize that some creditors might be inclined to originate all or predominantly Qualified Mortgages, particularly when the Ability-to-Repay Rule first takes effect. They also recognize lenders’ concerns that doing so may be at odds with the ECOA and Regulation B.

The agencies' joint statement clarifies their position that the requirements of the Ability-to-Repay Rule and ECOA are compatible, in that creditors may act "on the basis of their legitimate business needs."

Given this, "The agencies do not anticipate that a creditor's decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution's fair lending risk," the statement said.

The joint statement was issued by the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC).

The NCUA, OCC, FRB, and FDIC also included a statement that the same principles apply in supervising institutions for compliance with the Fair Housing Act (FHA) and Housing and Urban Development's (HUD) implementing regulation, 24 C.F.R. Part 100.5. Each of these agencies has supervisory authority as to FHA.

"The California and Nevada Credit Union Leagues are pleased with the joint statement," said Sharon Lindeman, vice president of regulatory advocacy for the Leagues. "This decision will ease at least one compliance concern for credit unions as they make important decisions about their product offerings and compliance with the January 2014 Qualified Mortgage Rules."

Click here to read the multi-agency statement.

 
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Archive of Past Comment Letters

The Leagues write letters in response to proposed legislation and regulations that affect your credit union’s ability to serve members.