NAFCU, CFPB to meet over ability to repay

January 11, 2012

NAFCU, CFPB to meet over ability to repay

Senior NAFCU regulatory affairs and compliance staff are meeting today with Consumer Financial Protection Bureau officials to provide the association's perspective on a proposed rule requiring mortgage lenders to determine borrowers' ability to repay their mortgages.

NAFCU Vice President of Regulatory Affairs and General Counsel Carrie Hunt, NAFCU Regulatory Affairs Counsel Dillon Shea and NAFCU Director of Regulatory Compliance Steve Van Beek are slated to meet with the CFPB today on the proposal.

The Federal Reserve originally proposed the rule in May of last year. However, the CFPB took over responsibility for finalizing the proposal when the bureau went into operation in July.

When the rule was proposed, NAFCU expressed concerns that it would stifle credit unions' ability to make mortgage loans. The association also said many areas of the proposal were overly complex, such as the section dealing with originator compensation.

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