WASHINGTON (8/19/13)--Valuable tips for credit unions prepping to comply with a bevy of new regulations from the Consumer Financial Protection Bureau and others are provided in a recent Wall Street Journal Risk & Compliance Journal interview with Credit Union National Association Deputy General Counsel Mary Dunn.
Changes to ability-to-repay/qualified mortgage, high-cost mortgage, appraisals for higher-priced mortgage loan and escrow regulations are among those on the way.
Credit unions readying themselves for these and other upcoming mortgage regulation changes "need to be considering what they need to be doing differently, how what they are doing now needs to be changed, whether what they are doing now needs to be stopped, what new steps, what new costs do they have to incur," Dunn said. "In training for personnel, they have to make sure their personnel are following all the rules, and that is going to be a big deal," she added.
Credit unions are one of the most highly regulated groups in the U.S., and to help credit unions prepare, CUNA has made a range of resources available, Dunn noted. Those resources include webinars, seminars and other services. CUNA also continues to urge the CFPB to be mindful of the burden faced by credit unions as it tweaks these rules and introduces new regulations.
The Risk & Compliance Journal article also covers credit union regulatory basics. Overall, Dunn said, "there are far too many rules on the way credit unions operate."
The high cost of compliance results in credit unions diverting resources away from their main goal of serving their members, Dunn stressed.
For more on CUNA and credit unions in the media, see CUs Hit Paydirt With Media Coverage in today's News Now.
For the full interview, use the resource link.