Calif. CUs meet with CFPB advisor on HMDA proposal, more
SAN DIEGO, Calif. (10/21/14)--In a meeting with roughly 15 credit union leaders here, Jennifer Stockett of the Consumer Financial Protection Bureau (CFPB) said her agency might need to look more deeply into its Home Mortgage Disclosure Act (HMDA) proposal for a full understanding of the potential impact on small creditors.
The proposed rule is intended to improve information reported about the residential mortgage market by requiring more data fields in the reports. The Credit Union National Association and state credit union associations are concerned the plan would increase the burden on some credit unions and has asked for an exemption for credit unions and other community financial institutions.
Stockett, the CFPB's senior advisor for the office of financial institutions and business liaison, met with the credit union leaders at $1.8 billion-asset California Coast CU, San Diego. She requested the meeting as a follow-up to a successful initial meeting with the California and Nevada Credit Union Leagues in Washington, D.C., in September during the leagues' annual Hike the Hill event.
At the California meeting, the CFPB's senior advisor spoke about where the CFPB needs feedback from credit unions.
Specifically, Stockett said the bureau is looking for credit union comment on the following proposals:
- Qualified mortgages, particularly in the areas of small creditor and rural definitions, disadvantages for self-employed borrowers and potential risks for credit unions offering nonqualified mortgages;
- The Truth in Lending Act-Real Estate Settlement Procedures Act combined disclosures rule, particularly about whether third-party vendors will be ready for the Aug. 1, 2015, implementation date; and
- HMDA, particularly the potential impact on small creditors, which Stockett said the bureau might need to delve more deeply into.
Credit unions still have time to comment on the HMDA proposal through PowerComment, which was created by the California and Nevada Credit Union Leagues, in partnership with the Credit Union National Association.
Use the resource link below to access PowerComment.