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| CFPB should focus on HMDA, TRID Relief |
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Given the complexity and scope of the recent Executive Order providing targeted regulatory reforms to Home Mortgage Disclosure Act (HMDA) and other requirements, America’s Credit Unions joined other organizations in calling on the CPFB to prioritize several specific reforms.
The organizations “strongly support the directive that the Bureau devote full efforts to modernizing regulatory requirements implemented under the Dodd-Frank Act that have increased origination and servicing costs without providing commensurate consumer benefit.”
The CFPB should prioritize:
• Updating HMDA reporting thresholds (Regulation C) and revise the definition of “financial institution,” to better align with the Executive Order’s focus on credit unions and community banks;
• Reforming TILA-RESPA Integrated Disclosure tolerances, timing requirements, and cure provisions (Regulation Z); and
• Modernizing loan originator compensation (Regulation Z).
America’s Credit Unions has met with multiple regulators and the administration about implementing the Executive Order and will continue to engage as the process continues.
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