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CFPB notes commitment to discussing CU concerns
WASHINGTON (6/15/11)--The Consumer Financial Protection Bureau (CFPB) this week said it is “committed to remaining attentive” to the concerns of credit unions and other small financial institutions, and looks forward to addressing the concerns of credit unions and community banks throughout the development of CFPB priorities. CFPB Assistant Director for Community Banks and Credit Unions Elizabeth Vale made the remarks in a a CFPPB blog post, which follows a late May meeting with credit union representatives. Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn and CUNA Senior Assistant General Counsel Michael Edwards were among those attending the meeting, and the CFPB said that this meeting led “to valuable, specific insights on what mortgage information works best for consumers.” The CFPB added that it “wanted to make sure individuals from credit unions and community banks were heard from alongside the consumers they serve and other stakeholders.” A mortgage form that combines the disclosure requirements outlined in the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into a single page, two-sided disclosure is under CFPB development. The CFPB released a sample form earlier this year, and more refined versions of this sample form will be released as that agency works toward a July 2012 implementation date for a final version of the form. CUNA and credit union representatives will again meet with the CFPB when it releases an updated mortgage disclosure proposal later this month. Regulations addressing lending, savings, and consumer privacy will also be reworked by the CFPB when a number of finance industry oversight tasks are moved from the Federal Reserve, the National Credit Union Administration, the Federal Deposit Insurance Corp., and other regulators next month. The Equal Credit Opportunity Act and the Fair Credit Reporting Act, as well as regulations addressing electronic fund transfers, mortgage originator registration, and mortgage assistance relief services, are also no the CFPB’s regulatory agenda. A total of 47 rules are scheduled to come under the CFPB’s oversight in late July. For the CFPB blog post, and more on upcoming CFPB actions, use the resource link.
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