WASHINGTON (8/11/14)--The Credit Union National Association's CompBlog took a look last month at the Consumer Financial Protection Bureau's (CFPB) new Home Mortgage Disclosure Act (HMDA) proposed rule. The CFPB issued a 573-page proposed rule intended to improve information reported about the residential mortgage market.
While the CFPB believes the proposal will provide information about the residential mortgage market, access to credit, as well as easing reporting requirement for some small financial institutions, CUNA believes that the requirements will be costly and cumbersome to credit unions (News Now Aug. 7), particularly the mandatory reporting of home equity lines of credit (HELOCs).
The CompBlog July roundup also covered a number of significant regulatory issues that arose last month, including:
The roundup also includes a recap of CUNA's latest compliance webinar, "New Credit Union Compliance Officers: Advice from the Front Line."
Use the resource links below for more information and to access July's CompBlog Wrap-Up.