By the time next year rolls around, Truity Credit Union in Bartlesville, Okla., will be ready to comply with new mortgage loan requirements from the Consumer Financial Protection Bureau. Thanks to policies and procedures already in place, the final adjustments won't likely be traumatic for the credit union.

"We are well-positioned and well-prepared for the changes coming down, but we've spent a lot of time getting to that point," said Mark Wilburn, chief lending officer for Truity, which was known as 66 Federal Credit Union until early August. "We exercised our own good judgment, as did most credit unions, and weren't very far out on a limb, anyway."

With $675 million in assets and 55,000 members, Truity has adequate resources to do its mortgage loan processing in-house. The credit union's self-sufficiency has allowed it to strengthen policies and procedures as the financial regulatory climate escalated over the years, he said, and Truity has resources to adapt to the remaining changes needing to be made. However, smaller credit unions without the internal resources may not find things so easy.