by Amy Kleinschmit, Director of Compliance

To say the Consumer Financial Protection Bureau issued a “few final rules” does not even begin to explain the upcoming regulatory changes.  The CFPB issued eight final rules since mid-January that amounted to over 3000 pages of reading. And, unfortunately there is more on the way.  But I want to remind you that we are here to help.  I’ve read through all of these final rules (I know - get a life), but we intend to be your resource to help with these changes.  

CUAD has already issued brief, easy to read and understand (as much as possible based on the complexity of some rules) summaries on each rule. These summaries initially ran in the Memo, however, if you missed one of these articles we have posted them all on InfoSight under the new topic “Recent CFPB Final Rules” under the Loans and Leasing Channel.  Access and/or request your InfoSight Account here: http://dakotas.leagueinfosight.com

Your Credit Union Association of the Dakota has also been in communication with the Federal regulators, including the CFPB through direct meetings, conference calls and comments letters. The most recent comment letter we issued related to the ability to repay and qualified mortgage definition and the most recent conversation with CFPB took place last week during the CUNA GAC.  We also have been encouraging our lawmakers to urge CFPB to use its full exemption power to exempt credit unions from all or part of rules.  After all, they tell us that credit unions did not cause the financial crisis so we should be not be the ones over regulated by post-financial crisis rules.  And we will continue to advocate to attempt to minimize the impact of these rules on your credit unions and your members.  

In addition, I will also be conducting compliance training at five locations this summer on these final rules.  Look for additional details and registration coming soon, but the trainings will be held in Bismarck, Grand Forks, Aberdeen, Rapid City and Sioux Falls.  Plus in the mean time, we are here to help.  We continue to be available to answer questions on the new rules and we will continue to report on updates and provide useful information as it comes about.  So look to your association staff to help you navigate these regulatory challenges ahead; we’re here for you.

You can contact Amy K at akleinschmit@cuad.coop or 701.214.9721