CUNA Mutual Provides Lending Regulations Update

From CUNA Mutual Group Public Relations

For more information:
Maripat Blankenheim 608.232.6539
Rick Uhlmann 608.231.8940

SAN ANTONIO – Regulations for lenders are seemingly endless, making it challenging for credit unions to stay on top of the continual changes. During a Discovery breakout session today at America’s Credit Union Conference, CUNA Mutual’s Bill Klewin told credit union leaders how they can prepare themselves and their employees for the next wave of regulations.

“Regulatory compliance is a major issue for credit unions to manage, especially when the rules keep changing,” said Klewin, director of regulatory compliance. “Because the rules are complex and lengthy, credit unions must plan effectively for the risks.”

Klewin reminded the audience of  “the deluge of laws” with which financial institutions have been faced in the last few years, including:

  • SAFE Act of 2008
  • Credit CARD Act of 2009
  • Mortgage Disclosure Improvement Act
  • Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Unfair and Deceptive Acts and Practice Rules
  • Real Estate Settlement Procedures Act
  • Department of Defense Rules
  • Servicemembers’ Civil Relief Act
  • Private Student Loans

In addition to the plethora of new laws, credit unions are also subject to regulations regarding truth-in-lending (Regulation Z), consumer leasing (Regulation M), equal credit opportunity (Regulation B) and the Fair Credit Reporting Act.

“Reg Z was once a relatively stable regulation,” said Klewin. “Not anymore. It’s become a catch-all for anything remotely related to lending, making compliance a challenge for every lender.” Klewin took the audience through the many changes and additions to Reg Z that directly affect lending regulations, reminding them that putting their heads in the sand is not a good strategy.

“The complexity and depth of the compliance changes will tax your staff and will be expensive, so the news isn’t good,” he said. “You really need to plan long-term to deal with all the changes and uncertainty. But because compliance is a priority, you must understand the risks.”

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’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 Web site at

CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc.  Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.

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