WASHINGTON (2/15/12)--As the Consumer Financial Protection Bureau (CFPB) continues to assume authority over consumer and finance-related regulations from other agencies, the Credit Union National Association (CUNA) has strongly urged the CFPB to thoroughly analyze new rules as well as existing rules transferred to the agency and consider how they could be amended to ease the regulatory burden faced by credit unions.
CUNA on Tuesday filed a trio of comment letters addressing the Fair Debt Collection Practices Act (Regulation F), disclosure requirements for non-federally insured financial institutions (Regulation I), and mortgage advertising practices and mortgage relief assistance services (Regulations N and O, respectively). CUNA in all these letters called on the CFPB to examine its existing and new regulatory authorities carefully, with the objective of providing meaningful regulatory relief--and that same message will be emphasized when CUNA files additional comment letters with the CFPB later this week.
The rules addressed in these three comment letters are a few of the many interim final rules that were issued by the CFPB for public comment. The interim final rules became effective on Dec. 30, and they substantially duplicate the existing text of the previously published regulations, only adding slight technical changes and transferring authority over these rules to the CFPB, as mandated by the Dodd-Frank Act.
Regulations F, I, N and O were previously handled by the Federal Trade Commission (FTC). Regulation M, which requires lessors, including credit unions, to provide consumers with uniform cost and other disclosures about consumer lease transactions, previously fell under the Federal Reserve's purview, or the FTC, in the case of state credit unions. Regulations G and H address SAFE Mortgage Licensing Act rules addressed, and those regulations were monitored by financial institutions' prudential regulators.
Comment letters on Regulations M, G and H are due to the CFPB on Feb. 17.
For more CUNA comment letters, use the resource link.