I know, I know… it seems as though the CFPB is making our lives difficult lately. But, in reality, their goal is to draft regulations which make compliance easier for consumers and financial institutions. Their responsibility is to protect consumers and one way they can do that is by giving financial institutions the tools to follow their rules.
Although the revisions to “Final Rules” has been difficult to track, each revision to their rules has been generally positive for credit unions. They’ve responded to industry feedback, and provided guidance. The Small Entity Compliance Guides have been helpful in providing an overview of the mortgage rules, which will help credit unions comply.
A new tool that they have published is designed with the same thought in mind. Currently, compliance professionals must use several websites or other resources to locate all of the regulations which may be applicable to a credit union. The CFPB plans to integrate all of this information into one location, along with useful links and further details which may aid a reader’s comprehension. This new tool is called eRegulations. Original, I know. But, hey, they can call it whatever they want, if it is a useful resource.
Currently, the eRegulations tool only contains Regulation E, however there are plans to continue expanding the tool. The website is open source and they are welcoming feedback. Take a few minutes and check out the website. I know it will likely become one of my bookmarks, once it is expanded.