The CFPB may announce final rules for mortgage regulationsmandated by the Dodd-Frank Act during a Jan. 10 policy roundtablemeeting in Baltimore.

CUNA Deputy General Counsel Mary Dunn said CFPB employees havesaid they expect the mortgage regulations, which include standardsfor qualified mortgages, loan originator compensation and loanservicing, will be announced at the Baltimore event, or a secondpolicy roundtable meeting Jan. 17 in Atlanta.

NAFCU General Counsel Carrie Hunt said her trade is expecting aseries of “rolling releases” from CFPB that will be completed priorto the bureau's Jan. 21 deadline, which falls on the Martin LutherKing Jr. federal holiday.

Dunn said she hasn't heard when the bureau will requirecompliance with the rules, but said CUNA is urging an 18-monthwindow after final rules are announced. Hunt said NAFCU is pushingfor at least 18 months as well, saying that the rules will requiresoftware providers to make adjustments, and mortgage providers willneed to time to understand them and train staff in compliance.

Meanwhile, the CFPB on Dec. 21 proposed revisions to itsremittance rule that would relax requirements to disclose taxes andfees imposed by foreign governments and the recipient'sinstitution. The CFPB also proposed that remittance providers wouldnot be required to bear the cost of funds that cannot be recoveredwhen a consumer provides incorrect account numbers.

However, remittance providers are still required to disclose upfront other fees and taxes, as well as the exchange rate, and mustalso provide consumers with transaction cancellation rights.

Despite a previously scheduled Feb. 7 compliance date, the CFPBwill delay the rule's effective date until sometime thisspring.

Rather than set an effective date following the publishing ofthe rule in the Federal Register, Dunn said, she expects the CFPBto publish the final rule on its website next month, with thebureau mandating compliance 90 days later.

While legal, she said the process is “definitely a departurefrom the process other agencies use,” and Dunn added she isconcerned other regulators will follow suit. The publication ofrules in the Federal Register provides a valuable delay forimplementation by financial services providers that would be lostif the process is changed, she said.

Hunt said NAFCU will give CFPB feedback regarding that process.The Administrative Procedures Act provides a uniform process andcomment period for federal rulemaking, she said, and “everyoneshould play by the same rules.”

In reality, the publication of new rules in the Federal Registerprovides only a week or two of lag time, Hunt said, so theelimination of that wouldn't make a huge impact. However, thevolume of new rules coming out of the CFPB have been difficult tomanage, she said.

“Sometimes, every day does count,” the NAFCU attorney said.