NAFCU Statement on CFPB Proposed Changes to Mortgage Rules
Washington (April 30, 2014) - The National Association of Federal Credit Unions (NAFCU) issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement today that it is proposing amendments to its mortgage rules.
“We appreciate the CFPB’s review of mortgage rules in order to afford credit unions some regulatory relief while allowing them to continue to offer mortgages to their members,” said NAFCU Director of Regulatory Affairs Michael Coleman. “However, more work needs to be done regarding the rules’ treatment of points and fees and other areas of the mortgage rules. We continue to work with the Bureau to help alleviate the regulatory burden on credit unions and help ensure they may continue to provide their members access to credit.”
The CFPB’s proposed amendment to the mortgage rule would allow financial institutions, like credit unions, under specific circumstances to refund excess points and fees to a member if the credit union discovered that the member had paid fees in excess of the 3 percent threshold for a qualified mortgage.
The comment period for the proposed amendment is 30 days from publication in the Federal Register.
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.