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By now, credit union leaders have become accustomed to new regulations coming down the pike. Less awareness exists, however, for the importance of moving early on the steps it takes to comply with these new regulations.

Most recently, mortgage regulations proposed and now finalized by the Consumer Financial Protection Bureau have taken center stage. But because these particular regulations that are made up of extremely complex rules requiring multiple changes to a credit union’s mortgage program are not set to go into effect until January 2014, some credit union lending teams may be putting off implementation.

Compliance professionals who have studied the thousands of pages of mortgage regulations will tell you this is not the best course of action. Two sets of mortgage rules in particular require immediate action due to their complexity. They are the ability to pay/qualified mortgage rules and the mortgage servicing rules. Each set calls for strategic, calendared planning to achieve comprehensive and on-deadline compliance by January.

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