WASHINGTON (7/27/15)--This summer marks the fourth anniversary of the Consumer Financial Protection Bureau (CFPB) and the fifth anniversary of the Dodd-Frank, which created it.
October Research has created an anniversary report on the Dodd-Frank Act and the CFPB.
CUNA Chief Compliance Officer Jared Ihrig, Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian are quoted in an article titled “Five-year anniversary of Dodd-Frank Act a good time for reflection on the CFPB.”
Eurgubian commented on the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule, noting that there will definitely be a learning curve when the rule is implemented.
The lack of a testing period prior to the rule’s Oct. 3 effective date will likely make it difficult for credit unions to get systems in order, Eurgubian said, which is why CUNA has pushed for a safe harbor period until the end of 2015.
Ihrig said that Home Mortgage Disclosure Act (HMDA) requirements are likely to become a major compliance issue for credit unions, due to the massive amounts of data credit unions will have to start capturing, data they have not collected before.
CUNA has advocated for a lengthy HMDA implementation period, since there are no required statutory deadlines.
Donovan said he believed that, under the current administration, changes to the Dodd-Frank Act are unlikely, but will become more probable as more time passes from the Dodd-Frank enactment date.
The article also featured comments from a banking trade association.