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

Most recently, mortgage regulations proposed and now finalizedby the Consumer Financial Protection Bureau have taken centerstage. But because these particular regulations that are made up ofextremely complex rules requiring multiple changes to a creditunion's mortgage program are not set to go into effect untilJanuary 2014, some credit union lending teams may be putting offimplementation.

Compliance professionals who have studied the thousands of pagesof mortgage regulations will tell you this is not the best courseof action. Two sets of mortgage rules in particular requireimmediate action due to their complexity. They are the ability topay/qualified mortgage rules and the mortgage servicing rules. Eachset calls for strategic, calendared planning to achievecomprehensive and on-deadline compliance by January.

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