Brace Yourself: Lending-Related CFPB Changes in Full Swing

CUNA Mutual Group Discovery Session Provides ACUC Audience with Insights into How Compliance Changes Will Impact Credit Unions and Members

NEW YORK, NY (July 2, 2013) The Consumer Financial Protection Bureau (CFPB) is changing the fundamental nature of the way credit unions go about their day-to-day lending activities, CUNA Mutual Group’s Regulatory Compliance Manager Lauren Capitini told an America’s Credit Union Conference (ACUC) Discovery breakout session audience Tuesday.

“Credit unions need to act now to prepare for rapidly-approaching mandatory compliance dates, including those pertaining to mortgage changes and changes to international electronic transfers,” said Capitini.

Capitini engaged ACUC session attendees in a discussion about how the CFPB is moving full speed ahead with new rules having an enormous impact on credit unions’ day-to-day activities.

“In the long run, you will be better served investing time, money, and energy into compliance now,” said Capitini. “Understand how your credit union needs to adapt to meet the CFPB’s new rules, and then develop a strategic plan to implement these changes, which will include changes to the way you do business, your documents, and policies and procedures.”

Capitini reminded the audience that time is short. New remittance transfer rules have a mandatory compliance date of Oct. 28, and five of the CFPB’s seven new mortgage compliance rules have January 2014 effective dates:

  • Ability-to-Repay effective date Jan. 10, 2014
  • High-Cost Loans (HOEPA) & Homeownership Counseling effective date Jan. 10, 2014
  • Mortgage Loan Originator (MLO) Compensation effective date Jan. 10, 2014
  • Mortgage Servicing (Reg Z & Reg X) effective date Jan. 10, 2014
  • Reg B Appraisals and Higher-Priced Mortgage Loan (HPML) Appraisals effective date Jan. 18, 2014

“Stay focused, take time to understand the changes, and make adjustments where necessary,” Capitini encouraged attendees. “Doing these things combined with a positive outlook and understanding what you can control will do more for your credit union than focusing on the pains of change.”

Capitini wrapped up the session by giving attendees a glimpse of what’s on her radar for regulatory compliance, including payday lending, overdraft protection, and the changes to Reg CC.

“Keep in mind, the CFPB is not done, yet,” Capitini said. “Looking at what the CFPB plans to accomplish in the next couple of years is daunting, but you have the tools to succeed as long as you start adapting now.”

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CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.

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