WASHINGTON – CUNA has requested that it be part of the process to design the national registry that will include credit union loan origination staff.
In a two-page letter sent yesterday to NCUA, CUNA said NCUA and the federal banking agencies that have to get the registry in place in 2009 will benefit from an understanding of the concerns brought to CUNA's attention.
Clarification is needed as to whether registration should be for everyone involved in the loan process or whether only the mortgage decision maker should be registered, CUNA said. Other issues include whether employees who are temporarily involved in making mortgages have to register and privacy matters relating to customers having access to prior employment history.
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The law calls for the federal banking agencies and NCUA have to develop and maintain a system for registering bank and credit union employees. That registry would be a publicly-accessible database of employment and disciplinary history concerning loan originators and is expected to be operational by August 2009.
The letter was signed by Jeffrey Bloch, CUNA's senior assistant general counsel.
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