June was another busy month in the regulatory arena. While the industry anticipated additional proposed amendments from the CFPB, the agency played a significant hand June 24 by issuing an assortment of amendments modifying the 2013 Mortgage Rules, covering RESPA, TILA and ECOA.
The proposed modifications were issued with a request for comment. However, adding to the frustration caused by constantly fluctuating rule provisions, the CFPB’s comment period for this proposal is yet again unrealistic at best, with comments on the proposed amendments that were due by July 22.
The constant amendments and limited time periods to comment are only adding to the unnecessary regulatory burden and uncertainty that credit unions face as the January effective date for most of the rules draws closer. The press release, proposed modifications and request for comment can be found here.