CU Trades Seek to Reshape Financial Overhaul
The ink has just dried on the Dodd-Frank financial overhaul law, but there is already talk among some about changing the legislation.
NAFCU has already written a letter to lawmakers suggesting changes, and its officials have outlined concerns during their meetings with Treasury Department officials and regulators. CUNA hasn't sent a letter to lawmakers and has no imminent plans to do so. However, its officials have also spoken with regulators about concerns over what it calls excessive regulatory burden.
Among the other changes the letter calls for are for Congress to mandate a combined mortgage rule to avoid confusion that exists about the mortgage disclosure process; clarify what access the new consumer agency has to financial reports issued by the NCUA and other regulators as part of the reexamination process; and lower the penalties for violations of the rules mandating that credit unions and other financial institutions report appraisers who violate applicable codes and laws.
Becker also suggests that lawmakers change the bill's definition of "remittance transfer," which he said it overly broad and would cause "significant compliance obstacles."