American financial services providers are being enveloped by legislative changes brought on by a perfect storm of events. These changes to law have the potential to radically transform CU operations, as well as the underlying value they deliver to their members. Legislators, regardless of their position on individual-oriented legislation, tend to view a number of proposals as directly benefiting consumers. The Federal Trade Commission published in June a notice of proposed rulemaking through which it has sought public views regarding areas within the mortgage loan production cycle that should be considered for regulatory improvement to protect consumers. Congress is also looking at legislation, raised as an idea over two years ago, that would establish a Financial Product Safety Commission.
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