The new Bureau of Consumer Financial Protection–which will be the driving force behind the writing and enforcement of a myriad of consumer regulations–isn't scheduled to begin operating until July.
However, credit unions already have a general idea about some of the new requirements they will have to comply with on everything from credit card rules to mortgage disclosures.
Officials of the three largest credit union trade associations have met with Elizabeth Warren, who conceived of the new agency and is helping to set it up. While they won't reveal the details of their conversations, CUNA and NAFCU officials have said Warren assured them she understands the positive contributions of credit unions and won't make new regulations too onerous. NASCUS officials have said Warren plans to make use of the expertise of state regulators when formulating policies.
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