CFPB’s Chow to Discuss Regulations, Hear Feedback from Northwest Credit Unions
January 29, 2013
January 29, 2013
Before the ink has even dried on the Consumer Financial Protection Bureau’s (CFPB’s) new series of rules implementing Dodd-Frank mortgage requirements, Northwest credit union leaders will have the opportunity for face-to-face dialogue with Edwin Chow, the agency’s regional director, through an exclusive discussion session in Portland, Ore., on Monday, Feb. 4.
While the comment period on these rules has ended, the implementation process will take up to a year for some of the more controversial aspects of the rules.
“We still have an opportunity to advocate for beneficial changes to these rules,” said John Trull, the NWCUA’s director of regulatory advocacy. “I heard from one of our credit unions last week, for example, that the balloon payment issue could cost his credit union a third of its mortgage business. Another lending officer aptly pointed out that members who should qualify for the best rates might not under the new rules. The concern is that young, first-time buyers will be squeezed out of the market. The CFPB needs to hear this!”
According to Trull, the CFPB’s track record of hearing feedback and implementing changes makes this opportunity to interface with one of the agency’s leaders that much more important.
“The CFPB has demonstrated before that our concerns are taken seriously,” Trull said. “If you think back to the Remittance Transfer Rule and the safe harbors in the Ability to Repay final rule, you’ll note that purposed rules were amended prior to implementation. We cannot promise any flexibility to these rules, but we know there won’t be any changes if we remain silent.”
The discussion will take place at Pacific NW Ironworkers Federal Credit Union, located just five minutes from Portland International Airport, from 3-4 p.m. on Feb. 4. Registration is available online.
The NWCUA Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. The Association encourages members to participate in the regulatory process. If you have any questions on these or any regulatory issues, please contact Director of Regulatory Advocacy John Trull at firstname.lastname@example.org, or at 503.350.2209.