Berger urges CFPB action to aid CUs’ S. 2155 compliance

NAFCU President and CEO Dan Berger shared a list of recommended regulatory actions with CFPB Acting Director Mick Mulvaney in a hand-delivered letter Thursday that should be pursued in light of the recent enactment of the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).

These actions would provide credit unions with much-needed clarity and certainty regarding the compliance impact of S. 2155’s provisions, Berger explained.

Changes highlighted by Berger concern: the Truth in Lending Act (TILA), the Home Mortgage Disclosure Act (HMDA) and the Fair Credit Reporting Act (FCRA). Berger detailed each change in a section-by-section analysis in his letter.

“As the Bureau crafts its interpretation of the Act’s provisions, it should ensure that any new conforming regulations account for the unique nature of credit unions and do not impose undue burden on the industry,” he wrote.

 

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