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.
An interactive online tool designed to empower credit unions to participate in the regulatory process.
PowerComment allows you to:
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.
Some of the changes being considered are required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. However, the CFPB is considering additional requirements, such as requiring institutions to include an explanation of rejected loan applications.
As a first step, the CPFB is convening a panel of small lenders (credit unions and community banks) to provide feedback on potential changes. This panel is required under law when a rule under development may have significant impact on a substantial number of small entities.
The CFPB will also seek feedback from industry and consumer groups, and is consulting with other federal agencies. Credit unions can expect a proposed rule later this year.
The California and Nevada Credit Union Leagues are reviewing the proposed changes and their impact, and will keep credit unions informed of the rulemaking process and their opportunity to comment.
Changes being considered by the CFPB are categorized as “Better Information” and “Better Collection.” Under the “Better Information” category, the CFPB is considering requiring the following information:
New HMDA Tool (Access to HMDA Information)
In addition, the CFPB also announced a new HMDA tool designed to provide the public easier access to mortgage data.