WASHINGTON — ACUMA's launched its regional workshop series in Washington today with a meeting that has been scheduled to focus heavily on mortgage lending regulation and how CUs can not only survive in the current regulatory environment, but thrive.
About 40 executives from 24 credit unions from as far away as Maine attended the DC meeting, which addressed different facets of mortgage regulation and how to negotiate through them.
For example, rules implementing the SAFE Act exempted credit unions from having to license their mortgage originators (the higher standard) and let them register loan originators instead. This exempted credit unions from the significant regulatory burden of licensing their employees that take mortgage applications, but it also left them vulnerable to competition from other firms whose employees do have to be licensed.
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