Credit union group asks CFPB for one Regulation Z

An association representing federal credit unions asked the Consumer Financial Protection Bureau to release guidance combining all of its new mortgage rules into one uniform Regulation Z. In a recent letter to CFPB Director Richard Cordray, the National Association of Federal Credit Unions said complying with the fleet of mortgage rules has proved difficult because lenders must consult each rule separately. Read on to learn about additional steps NAFCU would like the CFPB to take to ease credit unions’ compliance burdens.