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CUNA urges CFPB to consider credit union differences in new rules

CunaIn a Tuesday letter to the CFPB, the Credit Union National Association urged the federal watchdog to consider credit unions in moving forward with and developing new rules.

CUNA President and CEO Bill Cheney said that credit unions do not always expect exemptions but added that the institutions are unique and the CFPB should consider the individual characteristics of the institutions in crafting future exemptions.

“We urge the agency to help direct its appreciation of the way credit unions operate into meaningful regulatory relief for credit unions so that they can do even more to serve their communities,” Cheney said.

CUNA also urged the CFPB to focus more attention in 2013 on regulating firms in the financial marketplace that have engaged in deceitful or abusive practices and have remained largely unregulated.

Additionally, CUNA said that credit unions are primarily concerned about certain provisions in the mortgage originator compensation rule proposal, the CFPB’s definition of “qualified mortgage” under the ability-to-repay provision of the Truth in Lending Act, the possible expansion of “finance charge” under Regulation Z and key requirements in the mortgage servicing proposal.

CUNA has previously urged the CFPB to provide coordinated compliance dates that allow as much time as possible for institutions to come into compliance with new regulations.

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