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June 4, 2013 – The CFPB's Credit Union Advisory Council will meet by teleconference Wednesday to discuss the bureau's recent revisions affecting the qualified mortgage standard and its review of payday lending practices.

Last week, the CFPB issued revisions to its ability-to-repay mortgage rule to include a new category of qualified mortgage for small lenders, including credit unions. The bureau also released a white paper on payday lending practices in April that is expected to be followed by future rulemaking. NAFCU is working to ensure both initiatives ensure maximum flexibility for member-owned credit unions and avoid new regulatory burdens that could lead to tighter credit for consumers.

The CUAC has 15 members, all of them from credit unions with $10 billion or less in assets. The council is chaired by Carla Decker, CEO of District Government Employees FCU in Washington, D.C.

The council includes several NAFCU member representatives: John Buckley of Gerber FCU (Mich.), Mitch Klein of Police and Firemen FCU (Pa.), Camille Shillenn of Unified People's CU (Wyo.), David Wright of Services Center FCU (S.D.); Marcus Schaefer of Truliant FCU (N.C.), and Helen Godfrey Smith of Shreveport FCU (La.).

The CUAC was formed under the Dodd-Frank Act to provide direct feedback to CFPB on its policy development, research, rulemaking and engagement functions. Its charter is due to expire in October 2014.