Action near on Mortgage Choice Act, more

April 13, 2015

Action near on Mortgage Choice Act, more

The House Rules Committee last night cleared three NAFCU-supported bills, including legislation on manufactured housing and the definition of "points and fees" in CFPB's mortgage rules, for action on the House floor that could occur this week.

One of those bills, H.R. 685, the "Mortgage Choice Act," was introduced by Reps. Bill Huizenga, R-Mich., Gregory Meeks, D-N.Y. It would clarify the definition of "points and fees" under the Truth in Lending Act as applied in CFPB's qualified mortgage rule.

The second, H.R. 650, the "Preserving Access to Manufactured Housing Act," introduced by Rep. Stephen Fincher, R-Tenn., would help preserve access to manufactured housing by adjusting the regulatory threshold for "high-cost" home loans. Companion legislation has been introduced in the Senate by Sens. Joe Donnelly, D-Ind., Pat Toomey, R-Pa., Joe Manchin, D-W.Va., and Tom Cotton, R-Ark.

The third bill, H.R. 1195, the "Bureau of Consumer Financial Protection Advisory Boards Act," introduced by Reps. Robert Pittenger, R-N.C., and Denny Heck, D-Wash., would establish a small business advisory board within CFPB and make permanent the bureau's existing credit union and community bank advisory councils.

NAFCU urged leaders of the House to support the bills in letters sent jointly with industry trades Monday.

Regarding H.R. 685, the Office of Management and Budget last night issued a statement that the administration opposes the bill and that the president's advisors would recommend veto if it reached his desk.

Related Resources

April 24, 2024 Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public

Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage

preferred partner

LendKey

Webinar

April 23, 2024 Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public

Newsroom