By Brian D. Godwin
Even though we knew it was coming, the last thing credit union leaders wanted to add to their list of strategic plans for 2014 was undertaking the implementation of another mortgage rule, especially since 2013 has already been a busy year for compliance staff and mortgage professionals. The Consumer Financial Protection Bureau, or CFPB, had already issued proposed rules, final rules, and even revised final rules when, on November 20th, they released the most comprehensive mortgage rule: the RESPA and TILA Combined Disclosures rule.
Credit unions incurred substantial costs implementing the new rules in 2013, using funds for training, consulting and software upgrades. Many credit unions would have preferred using this money to boost marketing efforts and build their membership base.