New mortgage lending rules from the Consumer FinancialProtection Bureau could affect the willingness of credit unions tooffer new mortgage loans, a new CUNA survey showed.

While many of the credit unions polled in the survey have beenworking throughout the year to meet the compliance deadline for theCFPB rules, the trade group said Oct. 21, the majority of them arenot ready to comply.

Three in five, or 60%, have determined they will be forced todiscontinue, delay or reduce their mortgage loan product offeringsbecause of the regulatory changes, CUNA said in a pressrelease.

“As a result, consumers could be left with fewer options forhome mortgage loans, at a time when America's housing recoveryfinally seems to be gaining traction,” the release said.

Approximately 136 credit unions replied to the survey, CUNAsaid.

“These survey results are troubling for consumers,”President/CEO Bill Cheney said. “CUNA has urged the CFPB to allowmore time for compliance, since seven rules will hit within atwo-week period, which poses a monumental compliance challenge.This is a particularly daunting task for smaller credit unions,given their small staffing resources.”

Re-designing computer systems to comply with the regs is a majorconcern. Eighty-six percent of respondents said they are usingthird-party vendors to help reconfigure their systems, CUNAsaid.

“Overall, 48% of vendors indicate they will complete programmingchanges to comply between November and December, and an additional10% say they won't be able to develop programming until afterJanuary 2014. Forty-one percent of credit unions indicate theirvendor has not yet promised a delivery date,” CUNA said.

The credit unions said those challenges could cause them to missIRS deadlines and/or CFPB compliance dates.