Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The buck stops with you. Credit unions citing vendor-related hurdles to compliance have heard this from regulators for years. Yet, that sentiment may be changing.

Just last month, CFPB Director Richard Cordray told Mortgage Bankers Association conventioneers his agency may need to look more closely at vendors that are “creating obstacles” for mortgage lenders. He went on to say other financial regulators may need to join the CFPB in paying greater attention to these reports.

This may sound like music to the ears of credit unions such as the $59 million, DuBois, Penn.-based Timberland Federal Credit Union, the staff of which was forced to use a typewriter to manually process TRID applications because its software vendor was not yet ready for TILA/RESPA. Yet, if Cordray and his counterparts follow through, the credit union industry could shoulder an even larger burden. That’s because some of the vendor organizations credit unions rely on are actually owned by credit unions, either individually, in partnership or as part of a league or association. Poor findings for CUSOs are poor findings for credit unions.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.