Effective Jan. 10, 2014, mortgage lenders will be required to write their loans in compliance with new regulations from the Consumer Financial Protection Bureau. The transition could be easier on credit unions than the CFPB's 3,500 pages of requirements suggest.
"There is a huge amount of noise in the industry and the situation has been wildly overblown," said Andy Greenawalt, CEO and co-founder of Continuity Control, a New Haven, Conn.-based compliance software provider. "A lot of credit unions believe they won't be ready, but in reality they already are and just have to work through the details."
Managing compliance is one of the biggest challenges facing financial institutions, according to Sam Whitehurst, president and CEO of $150 million Summit Credit Union in Greensboro, N.C., and a Continuity Control client. The software provider's automated approach makes addressing the challenges on an almost daily basis relatively easy, he said.
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