NAFCU statement on CFPB’s final mortgage servicing rule
WASHINGTON, DC (August 4, 2016) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alexander Monterrubio issued the following statement on the final mortgage servicing rule issued today by the Consumer Financial Protection Bureau (CFPB).
“NAFCU will thoroughly analyze this 900-page final rule on mortgage servicing for its full impact on credit unions. At first glance, there appear to be a number of provisions that will substantially impact credit unions,” said Monterrubio. “For example, the projected implementation dates for some portions of this rule are likely to coincide with credit unions’ ongoing compliance preparations under CFPB’s revised Home Mortgage Disclosure Act rule. The HMDA rule changes alone will excessively tax the resources of many credit unions. We will continue advocate for the bureau to reach back and correct the unintended consequences that have resulted from its rulemakings.”
Last year, NAFCU urged CFPB to reconsider its proposed amendment dealing with successors-in-interest over concerns that this aspect of the proposal could expose credit unions to violations of the Gramm-Leach-Bliley Act.
NAFCU will keep credit unions updated on the final rule.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.