Consumer Financial Protection Bureau Director Richard Cordraysaid during Tuesday's NCUA-sponsored webinar that the bureaureceived so many comments opposing a proposed rule that would require fees andclosing costs to be included in mortgage APR calculations, itdecided to shelve the proposal until later this year.

However, the APR rule is mandated by Congress per the Dodd-FrankAct, so the bureau is “trying to decide how to handle that,” theCFPB director said.

Cordray said that he anticipates the bureau will reconsider theproposal later this year when it releases final rules regarding theintegration of TILA and RESPA disclosures. Neither the APR rule or disclosureintegration were required by Congress to be finalized by January2013, so the bureau has time to continue crafting the remainingmortgage rules, he said.

Cordray also said the CFPB is working closely with the NCUA andother regulators to prepare exam materials for examiners andinstitutions regarding new mortgage regulations finalized thusfar.

“They will signal our approach toward examinations and help usbe consistent among all entities that do mortgage lending,” hesaid.

The CFPB is also working to provide additional informationregarding the plethora of rules it has issued in the last year.Cordray admitted the rules, which are in some cases nearly 1,000pages long, “aren't the most readable in the world” but had to bewritten in legalese to avoid court challenges.

“We're trying to translate those into plain English and willhave the docs out fairly soon,” he said.

Credit unions that have questions about new CFPB regulations cansubmit questions directly to the bureau, but Cordray said if theycan wait a few months to put out the more user-friendly materials,“much of that will be made clear.”

The CFPB director also clarified that the bureau will onlyconduct examinations of credit unions with more than $10 billion in assets. The NCUA will examine creditunions smaller than $10 billion – the overwhelming majority of theindustry – to ensure compliance with CFPB regs.