Sixty percent of bank vendors have not told banks when they will be ready to comply with the CFPB’s new mortgage rules, according to an ABA survey. With 79% of banks reporting that they will use vendors to create the software and systems necessary to comply with the rules, ABA encouraged regulators to consider a temporary delay of the January compliance deadline.
“This survey confirms what we’ve been telling regulators and Congress all along: banks need more transition time to implement these mortgage rules,” said ABA EVP Robert Davis. “Community banks in particular have indicated that updated software, programming and training are big concerns, and training can’t occur until systems are operational.”
ABA shared the survey results with the CFPB, FDIC, Federal Reserve and OCC.
Read the letter to regulators.