The Senate Banking Committee held a hearing on the implementation of S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Credit Union National Association (CUNA) sent a letter for the record to committee leadership acknowledging the National Credit Union Administration’s (NCUA) timely execution of several provisions.
Credit unions also await movement on consumer protection-related provisions to be fulfilled by the Bureau of Consumer Financial Protection (BCFP), specifically relating to the Home Mortgage Disclosure Act, the Truth in Lending Act Qualified Mortgage requirements, and the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosures (TRID). CUNA’s President/CEO Jim Nussle tells Congress that credit unions support efforts that reflect prompt regulatory guidance.
CUNA’s letter commends NCUA for its swift implementation of the removal of one-to-four-unit non-owner occupied. CUNA believes NCUA has effectively managed regulating credit unions and other third-party vendors and sees no further need for additional examination authority.
Read the letter in full here.