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CUNA applauds the Consumer Financial Protection Bureau’s (CFPB) decision to review and consider modernization for its mortgage loan originator (MLO) rules. CUNA sent comments Monday in response to the review.
“By and large, credit unions report that over the last decade, they have successfully implemented policies and training to ensure compliance with the MLO Rule,” the letter reads. “While credit unions initially reported confusion or difficulty regarding disclosure of the NMLS ID information, the definitions, and training requirements during the implementation period, these appear to have been resolved.
“Compliance concerns regarding the application of these rules seem relatively infrequent and credit unions appear to have little difficulty working with their third-party vendors when necessary,” it adds.
Credit unions generally report their ability to compete for MLO talent is largely driven by market forces, and it appears the MLO compensation rules do not create barriers for credit unions.
CUNA also notes: