The Dodd-Frank Act has led to what some experts are calling “the most challenging regulatory environment” of the past 30 years, with credit unions feeling the brunt of its impact.
“And it will continue to be one of the most challenging as we move forward,” Bill Klewin, the director of regulatory compliance at CUNA Mutual Group, told attendees of this week’s CUNA Mutual Group’s Online Discovery Conference on Tuesday, CUInsight.com reports.
Dodd-Frank complexity and depth of compliance changes are expected to tax credit union staff while adding expenses and potentially negatively impacting member service.
“The CFPB has issued 3,365 pages of proposed rules in just one six week period this summer,” Bill Calhoun, CUNA’s regulatory compliance manager, said, according to CUInsight.com. “That is on top of the hundreds of pages of rules already issued this year. Some of the changes will be technical in nature, while others, such as the proposed mortgage rules, will require a complete overhaul of credit unions’ mortgage lending portfolio.
“Mortgages, mortgages, mortgages will consume credit union compliance staff in 2013 and beyond.”
Seven proposed mortgage rules have been issued by the CFPB. The rules all have comment period closing dates in October or November. The CFPB will then analyze the comments before issuing final rules in January and throughout the year.