WASHINGTON (9/24/15)--Credit union mortgage issues were the topic of discussion in a meeting between CUNA and Consumer Financial Protection Bureau (CFPB) staff Tuesday. In particular, CUNA staff emphasized that future regulations should address problem actors in the industry, rather than credit unions.
The discussion centered on the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures (TRID) rule and Home Mortgage Disclosure Act (HMDA) reporting.
Home equity lines of credit should be exempt from additional HMDA reporting, CUNA believes. CUNA staff also urged the CFPB to provide an exemption from any additional HMDA requirements for credit unions that originate less than 500 mortgage loans per year.
Regarding TRID, CUNA:
Tuesday’s meeting was the latest in recent CUNA meetings with regulators in order to communicate credit union concerns with additional mortgage requirements, and to advocate for more exemptions for credit unions.