|| Carrie Hunt
Jan. 11, 2013 – NAFCU hopes the CFPB will keep striving to ensure its rules, including mortgage rules, help rather than hinder credit unions’ efforts to lend to consumers, association General Counsel and Vice President of Regulatory Affairs Carrie Hunt said during the CFPB’s hearing Thursday in Baltimore.
Hunt, accompanied by Senior Regulatory Affairs Counsel Tessema Tefferi, spoke from the audience during Thursday’s field hearing, where CFPB Director Richard Cordray unveiled the bureau’s final ability-to-repay mortgage rule.
“Addressing problems in the mortgage market is critical to helping our economy recover,” said CFPB Director Richard Cordray in announcing the rule, written under the Dodd-Frank Act to help prevent activities that led up to the housing crisis. “Today’s changes will better help consumers to understand the real costs of owning a home while protecting them from harmful practices that can trap them into high-cost mortgages.”
Hunt, speaking from the audience, thanked Cordray and the CFPB staff for all the hard work that went into the final rule, which is set to take effect next Jan. 10.
NAFCU worked with the CFPB staff on the final ability-to-pay rule and made credit unions’ concerns known, she said. “I hope as we look forward that we can take a hard look at the regime that’s been created,” she said. “And if it looks like credit unions can’t lend, that rules are too restrictive, that really consumers who qualify, who have the ability to repay loans aren’t getting them, that we take a second look at what this country is doing.”
Thursday’s field hearing was one of two that will be held on the mortgage rulemakings of the CFPB. The next one is scheduled Jan. 17 in Atlanta.