Credit unions give CFPB ‘no confidence’ vote in CUNA survey

CUs were adamant that agency rules governing mortgage disclosures, mortgage origination and qualified mortgages be changed.

Credit unions gave the CFPB a resounding “no confidence” vote in a survey released by CUNA on Tuesday.

About two-thirds of the 272 credit union officials responding to the CUNA survey say the agency should be issuing fewer rules, do a better job of aligning policies with the NCUA, conduct more analysis before issuing rules and more narrowly focus rules on bad actors.

CUNA included in the survey in a “White Paper” that provides a now-familiar list of recommendations on how the agency can do a better job.

Acting CFPB director Mick Mulvaney has issued a series of requests for information about how to change agency operations. Former Director Richard Cordray, an Obama Administration nominee, had been particularly aggressive in policing the financial industry.

 

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