SAN ANTONIO – CUNA President Bill Cheney said he has had three discussions with Elizabeth Warren, the de facto head of the Consumer Financial Protection Bureau, which is in the process of being formed and defining its mission.
Cheney said his message to Warren has been that while simplifying product and service disclosures and regulations is an admirable goal, it must be accompanied by a peel-back of years worth of regulations that often are duplicative or even conflicting. “One of the first things we’re going to look at is mortgage lending,” said Cheney. “Yes, we need simpler mortgage disclosures. But if you’re going to eliminate that you can’t just put a new regulation in place; let’s first get rid of the stuff that makes this regulation so complex.”
