That's why the CEO of the $54-million Total Community Credit Union in Taylor, Mich. recently mailed copies of the 1,099-page CFPB request for comment on its proposed combined mortgage disclosure rules to U.S. Reps. John Dingell (D-MI) and Gary Peters (D-MI), U.S. Sens. Debbie Stabenow (D-MI) and Carl Levin (D-MI).
“I did this just to point out the ridiculousness of the size of the regulations we have to deal with. It's impossible to give an honest answer to the request they are making when they are asking for everything under the sun.”
In a letter that accompanied the mailing, Matous stated: “I hope that by seeing the ponderous size of the enclosed CFPB 1,099-page proposed rule concerning RESPA and Truth in Lending, you can appreciate the damage current regulations are having on our democracy and republic.”
As the latest issue of Mortgage Technology magazine explains, the CFPB is seeking comments on its redesigned mortgage disclosures ahead of implementing the new forms.