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CUNA Dodd-Frank rule burden lighter than some fear
WASHINGTON (8/25/10)—While the recently enacted financial regulatory reform package contains numerous changes to current financial laws, the Credit Union National Association’s (CUNA) Senior Vice President/Deputy General Counsel Mary Dunn said that many fewer of them than most fear, perhaps about 35 of the new anticipated regulations, may impact credit unions, with a number of the changes likely only altering existing regulations. While credit unions are still going to experience burdens related to the regulations, there may not be that many “wholesale” changes, Dunn added during the first of two CUNA audio conference calls, adding that no one knows for sure how various provisions will be regulated. However, key rules that will impact many credit unions brought on by the spate of reforms are those the Federal Reserve Board (Fed) will write on interchange fees and related issues. While CUNA strongly opposed the interchange fee provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act, Dunn said that CUNA is now working with the Federal Reserve to ensure that any future fee structure that is imposed on financial institutions is as “reasonable and proportional” as possible. CUNA is also advocating a two-tiered system, with smaller fees for larger issuers and larger fees for smaller issuers, which would include most credit unions, Dunn added. Overall, CUNA is encouraged key staff appreciate these concerns raised during conversations CUNA has had with members of the Fed, Dunn said. Another change created by the reform package is the creation of the new Consumer Financial Protection Bureau, and while much of this new organization’s oversight abilities will not apply to credit unions, CUNA Vice President of Legislative Affairs Ryan Donovan said that the creation of the CFPB represents a significant opportunity for the existing financial regulatory structure to be streamlined. The CFPB, as well as changes to home mortgage lending rules, truth in lending requirements, risk retention policies, and remittance policies, will be covered during the second audio conference call, which is scheduled to take place at 2 P.M. ET today. To register for the audio conference, use the resource link.


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