Echoing the complaints of community bankers, the National Association of Federal Credit Unions recently sent a letter of protest to the CFPB about its proposed rule to combine Regulation Z and RESPA disclosures. NAFCU warns that the proposal could drive many credit unions out of the residential lending business.
NAFCU argues the rule, in its current form, will force some credit unions to stop serving long-time borrowers while imposing unreasonable compliance costs on credit unions that already conduct quality due diligence.
The rule would force creditors to bare responsibility for any errors or lack of timeliness issues caused by a mortgage broker.
Federal credit unions also fear electronic-record retention requirements would impose unreasonable fees on credit unions and believe the rule's overall exemption for small credit unions should go beyond firms that issue five or fewer mortgages each year to include credit unions with $175 million or less in assets.
"Many small credit unions that conduct a small number of mortgage loans to their specific membership would simply cease their mortgage operations," the NAFCU wrote in its letter. "For example, a credit union whose membership consists of teachers in a part of one state or another whose membership consists of firefighters of another state may originate twenty mortgages in a year."
The organization suggests this type of credit union would not qualify for the exemption, forcing them to end relationships with long-time borrowers.
And the odds are that the CFPB gives more than a tinker's damn about that eventuality are...??
While NAFCU fights gamely for its members against the avalanche of regulatory burdens roaring down on small banks and credit unions from D.C., the National Association of Credit Unions has other things on its mind. Things like
ABBA tribute band ABBA The Concert will kick off the Credit Union National Association's (CUNA) 2013 Governmental Affairs Conference on Feb. 24 with a dazzling performance of ABBA's iconic hits, including Dancing Queen, Mama Mia, SOS and Take a Chance on Me.
ABBA The Concert, featuring Waterloo the band, bills itself as "the best ABBA since ABBA." The tribute group was formed in 1996 and quickly became known for its stunningly ABBA-esque sound and performances. The group has always included two members of the original ABBA rhythm section, and has performed more than 1,000 shows in more than 20 countries worldwide.
CUNA Councils Vice President David Rohn said CUNA Councils is delighted to again sponsor the GAC-opening concert. "Sunday's show promises to be a memorable experience--a concert full of popular hits and high-energy fun that all attendees will enjoy," he added.
CUNA's GAC is the credit union movement's premier political event and its largest national conference, each year providing more than 4,000 credit union executives and board members an opportunity to hear influential leaders from Congress, presidential administrations and federal regulatory agencies.
GAC attendees will also have the chance to meet directly with their members of Congress here in Washington.
And, the chance to bask in the wonderfulness of a fake ABBA band. As if the real ABBA wasn't sufficiently excruciating.
How did the promo piece omit the greatness of the group's most inspired tune, Bang-A-Boomerang?
Like a bang, a boom-a-boomerang
Oh bang, a boom-a-boomerang
Love is a tune you hum-de-hum-hum
So give it away, I think you'll learn
You'll get love in return
So bang, a boom-a-boomerang is love
A boom-a-boomerang is love
Give me a minute while I recover from my swoon.
As the credit union trade official who sent me notice of this concert-of-a-lifetime so aptly put it: "You couldn't make this s*** up."
No, you couldn't. What's more, why would you want to?