CUNA, the Maryland and District of Columbia Credit Union Association and member credit unions met with Consumer Financial Protection Bureau (CFPB) staff Monday to discuss regulatory implementation. At the CFPB’s request, the meeting focused on the bureau’s regulatory implementation team’s work on the Home Mortgage Disclosure Act (HMDA) regulation, which was finalized last October.
The meeting was productive, according to CUNA staff, who said the CFPB staff seemed to be focused on how the agency can improve the implementation experience.
During the meeting, credit unions from Maryland and Washington, D.C., were able to discuss successes and challenges with implementing HMDA and other recent rules.
For example, the credit unions noted the usefulness of the bureau’s small entity compliance guides, but mentioned that they are not as useful if they simply restate the text of the regulations.
The credit unions also thanked the CFPB for providing a number of webinars, and asked the bureau to provide a complete, searchable transcript of each presentation and any subsequent questions and answers for the benefit of all stakeholders.
CUNA is concerned about the regulatory burdens that come along with the finalized HMDA requirements, of which most provisions will be implemented Jan. 1, 2018. The final rule calls for many more data points to be reported than required under Dodd-Frank, and CUNA is concerned about the additional time it will take credit unions to collect this data, as well as the security of consumers' information after it is collected by the bureau.