Cordray, NAFCU Board members talk QM

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Dec. 6, 2013 – NAFCU’s board members and CFPB Director Richard Cordray met in Arlington, Va., Thursday for an open, free-flowing dialogue on the CFPB’s rulemaking activities and their impact on the credit union industry.

Thursday’s discussion focused generally on the bureau’s mortgage regulations – the ability-to-repay/qualified mortgage rule in particular – and the importance of ensuring against a disruption of the mortgage market recovery. Cordray repeated a theme he has aired often – that credit unions have been responsible providers of mortgage loans to their members.

CFPB’s latest rulemaking on mortgage lending is the final regulation, released in late November, combining the disclosures prescribed in the Truth in Lending Act and Real Estate Settlement Procedures Act. NAFCU, in ongoing communications throughout the rule’s promulgation, strongly urged the bureau to provide credit unions at least 12 months to comply with the rule, and CFPB listened: The final TILA/RESPA disclosures rule takes effect Aug. 1, 2015, providing credit unions 21 months to comply.

A few mortgage rule changes are already in effect, but the bulk of the other six final mortgage rules take effect in January 2014.

NAFCU is continuing to make its mortgage rules compliance resources available to help members understand what provisions affect them.

Those resources include links to past articles, consolidated texts of six of the CFPB’s final mortgage rules, scope-and-applicability charts for each rule showing how credit unions are affected, and links to past webcasts presented as part of NAFCU’s CFPB Mortgage Reform Webcast Series. All these webcasts were held in 2013; each remains available to registrants for one year past the original broadcast date.

Related Links:
Mortgage rules compliance resources