MHProNews has learned from NationalMortgageNews the Consumer Financial Protection Bureau (CFPB) seeks input from small banks and credit unions to set up special advisory boards, noting director Richard Cordray said small institutions can be exempt from certain regulatory requirements, but only on a case-by-case basis. Appearing before a House subcommittee Tuesday, Cordray said, “They are very high-touch with their customers and don’t necessarily have to be held to all the same requirements and standards” as larger institutions. A comprehensive mortgage servicing rule is anticipated from CFPB within the next six months that may provide the exemptions. Cordray said a special advisory board will be created for community banks, and a separate one for credit unions.

((Image credit: Consumer Financial Protection Bureau)