Lauren Capitini

Brace Yourself: CFPB's Lending-Related Changes in Full Swing

Act now to be ready for rapidly approaching mandatory compliance dates.

July 7, 2013

The Consumer Financial Protection Bureau (CFPB) has fundamentally changed the way credit unions go about their day-to-day lending activities, CUNA Mutual Group’s Lauren Capitini told CUNA's America’s Credit Union Conference attendees Tuesday.

ACUC 2013 Lauren Capitini main“Credit unions must act now to prepare for rapidly approaching mandatory compliance dates, including those pertaining to mortgage changes and changes to international electronic transfers,” Capitini said at a Discovery breakout session. 


Capitini, a regulator compliance manager for CUNA Mutual, said CFPB is moving full speed ahead, and its new rules have an enormous impact on credit unions’ operations.

“In the long run, you will be better served investing time, money, and energy into compliance now,” Capitini said. “Understand how your credit union needs to adapt to meet the CFPB’s new rules, and then develop a strategic plan to implement these changes, which will include changes to the way you do business, your documents, and policies and procedures.”

Capitini reminded the audience time is short. New remittance transfer rules have a mandatory compliance date of Oct. 28. Five of the CFPB’s seven new mortgage compliance rules have January 2014 effective dates:

High-Cost Loans (HOEPA) & Homeownership Counseling
Mortgage Loan Originator (MLO) Compensation
Mortgage Servicing (Reg Z & Reg X)
Reg B Appraisals and Higher-Priced Mortgage Loan (HPML) Appraisals

The last rule goes into effect on Jan. 18, 2014; the others have an effective date of Jan. 10, 2014.

“Stay focused, take time to understand the changes, and make adjustments where necessary,” Capitini encouraged attendees. “Doing these things, combined with a positive outlook and understanding what you can control, will do more for your credit union than focusing on the pains of change.”

Capitini wrapped up the session by giving attendees a glimpse of what’s on her radar for regulatory compliance

Payday lending;
Overdraft protection; and;
Changes to Reg CC.

“Keep in mind, the CFPB isn't done yet,” Capitini said. “Looking at what the CFPB plans to accomplish in the next couple of years is daunting, but you have the tools to succeed as long as you start adapting now.”

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