Advocacy Report

Here is the CUNA Regulatory Advocacy Report for this week, which has seen several regulatory actions that CUNA has been pursuing on behalf of credit unions. We have already been in communication with the Consumer Financial Protection Bureau following the issuance of its proposal to amend Regulations Z, Truth in Lending, and X, the Real Estate Settlement Procedures Act to combine key forms provided to consumers in connection with application for and closing of most closed-end home mortgage loans. This is a significant proposal that will impact mortgage lending, as described in our report , and we want to do all we can to minimize its impact on credit unions.   The CFPB's proposed on high-cost mortgages is also a concern, and we will be following up more with the CFPB on that as well.  In addition, we weighed in with the Commodity Futures Trading Commission this week prior to the adoption of its regulation on derivatives to support the agency's efforts to exempt credit unions.
 
We will continue to work for improvements with the CFPB, NCUA and all other agencies that issue rules affecting credit unions.