SACRAMENTO, Calif. - A representative of the California Credit Union League addressed members of the California Senate Banking, Finance and Insurance Committee during a recent informational hearing regarding proposed revisions to Regulation Z.
Chris Collver, regulatory and legislative analyst for the CCUL, told the committee CUs believe loans should be prudently underwritten and not be granted to the borrower’s detriment; therefore credit unions support several of the proposal’s provisions. “We have concerns about some provisions, but we feel the general goal of the revisions is beneficial to consumers,” said Collver.
The CCUL said the committee’s goal was to attain perspectives on the impact of, and reaction to, Regulation Z revisions from state regulators, consumer advocate groups, and members of the regulated community.
Collver’s comments, as well as those made by representatives from other organizations in attendance, will be included in a letter the Senate Banking, Finance and Insurance Committee plans to distribute to members of the Senate for review.
