LOS GATOS, Calif.-The issue isn't that there is any one compliance issue that has become overly burdensome for credit unions; its that there are so many, according to Gary Fee.
Fee, SVP-mortgage and consumer services for Solutions in Finance, said the multiple sources of new rules have simply made it difficult for credit unions individually and as an industry to analyze and implement changes. With many mortgage regs, for instance, Fee said many CUs are simply left to respond with their "best guess."
"Vendors are looking at these same issues and are trying to do their own interpretations," he said. "A big problem is there is not one place to get information. Therefore, many systems vendors are having issues trying to get things implemented, especially when they have interpretations that are different from their credit union customers."
It isn't just credit unions feeling overwhelmed. Speaking specifically to mortgage rules, Fee expressed particular concern over new rules that are supposed to result in a simplification of information, "but in my opinion, it has become more difficult for consumers to understand. The process is still ongoing. We are consulting with credit unions, trying to keep our finger on the pulse and keep up with the information that is coming in. There are still issues with which fee goes on which line, and the systems provider has to figure out how to get everything in place."
