NAFCU Hails Committee-Passage of H.R. 3211, the “Mortgage Choice Act of 2013”
Washington (May 7, 2014) - The National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler hailed the House Financial Services Committee mark-up and favorable reporting of NAFCU-sought H.R. 3211, the “Mortgage Choice Act of 2013.” The Committee reported the bill by voice vote earlier today.
“We thank the committee for approving this bipartisan legislation which would ensure greater consumer choice in the mortgage market,” said Thaler. “Making these important exclusions from the cap on points and fees will go a long way toward ensuring that many affiliated loans attain qualified mortgage status and credit unions’ ability to keep providing them. We look forward to working with Chairman Hensarling, the bill's sponsors and members of the House to press for floor consideration of this important relief measure.”
H.R. 3211 would revise the Truth in Lending Act (TILA) definition of fees and points by exempting any affiliated title charges and escrow charges for taxes and insurance from the qualified mortgage (QM) cap on points and fees. It was introduced by Reps. Bill Huizenga (R-MI), David Scott (D-GA), Ed Royce (R-CA), Gregory Meeks (D-NY), Spencer Bachus (R-AL), Mike Doyle (D-PA), Steve Stivers (R-OH), Gary Peters (D-MI), Patrick Murphy (D-FL) and Betty McCollum (D-MN).
NAFCU has called on lawmakers to enact broad-based regulatory relief for credit unions through NAFCU’s “Five-Point Plan for Regulatory Relief” to ensure they can continue to offer their 97 million members the products and services they need and deserve.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.