The Consumer Financial Protection Bureau (CFPB) changed the fundamental nature of how CUs go about their day-to-day lending activities, CUNA Mutual Group’s Regulatory Compliance Manager Jon Bundy tells a Discovery Session audience Wednesday.
“CUs have spent the past six months adjusting to the CFPB’s new mortgage rules, and they’re not done yet,” says Bundy. They've implemented six new mortgage rules in 2014 with a seventh mortgage rule compliance deadline looming in 2015. In total, the CFPB issued more than 6,400 pages of new regulations.
Bundy's advice to CUs: Stay focused, take time to understand the changes, and make adjustments where necessary.