Last week, CUNA presented to the U.S. House Financial Services Committee on a myriad of potential areas for regulatory relief proposals, ranging from the CFPB rules and the Dodd-Frank Act to the Federal Credit Union Act and NCUA rules that need revision.
Included in this testimony were several items strongly recommended by MCUL & Affiliates CEO David Adams to CUNA, and based on Michigan credit union feedback. These included a need to revisit and raise the exemption threshold for the rule on international remittance transfers and a need for more flexibility in the 120-day prohibition on filing or noticing with regard to foreclosures, under the new CFPB mortgage servicing rules.
“It is heartening to see CUNA take up the banner of regulatory relief with our House Financial Services Committee.” Adams said. “The MCUL has been reviewing these topics and taking member feedback and many of our concerns are shared in CUNA’s discussion, including these critical items.”
Many credit unions currently providing international remittance transfers as a service for members will be forced to discontinue the practice, even under proposed amendments designed to improve the functionality of the rule. And, the 120-day prohibition in the mortgage servicing rule fails to provide any relief if the borrower is not participatory, unlike one positive feature of Michigan’s state 90-day pre-foreclosure workout law which covers similar matters.
The committee is expected to continue examining potential areas for legislation over the next few weeks.