CU Trades to Participate in RESPA Roundtables

WASHINGTON – Both CUNA and NAFCU have accepted invitations from the Department of Housing and Urban Development (HUD) to participate in scheduled roundtables focusing on proposed changes to regulations under the Real Estate Procedures Act (RESPA). HUD will be holding three roundtables with representatives from consumer organizations and all segments of the mortgage industry on July 14, 28 and Aug. 18. CUNA will participate in the one on July 14, and NAFCU will be at the July 28th meeting. HUD said the roundtables are part of its “road to reform” for American homebuyers “to develop modern mortgage rules that regulate how American consumers buy and refinance homes.” CUNA’s Senior Assistant General Counsel for Regulatory Affairs Jeff Bloch said the trade association “has kept in close contact with HUD as it has developed its reform proposals on RESPA, commenting on the proposals and offering insight from credit unions. Our appearance at the July 14 roundtable will be the latest chapter in our efforts to ensure a credit union voice in the reform process.” NAFCU also offered its comments on the proposed RESPA reform during the public comment period. Those comments focused on concerns about lenders’ costs and potential for consumers receiving less disclosure on bundled services. In addition to the roundtable discussions, the Small Business Administration and HUD will co-sponsor meetings in Los Angeles, Chicago and Fort Worth to listen to the concerns of small real estate and settlement service providers with an interest in RESPA reform.