At press time, the National Credit Union Administration (NCUA) and all of the federal banking agencies (except the Office of Thrift Supervision) had approved the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) regulations.
For better or worse, the trend toward fewer but larger CUs continues. The gradual but incessant migration toward fewer but
larger credit unions continues, apparently unimpeded by economic ups and downs.
The U.S. House will vote next week on a bill that will delay the implementation of the Consumer Financial Protection Bureau’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016.