NAFCU Statement on CFPB’s Proposed 2,000 Loan-Limit for QM Small Creditors

 

FOR IMMEDIATE RELEASE 

NAFCU Statement on CFPB’s Proposed 2,000 Loan-Limit for QM Small Creditors

Washington (January 29, 2015) - The National Association of Federal Credit Unions (NAFCU) issued the following statement regarding the Consumer Financial Protection Bureau’s (CFPB) proposal today to make significant changes to the small creditor exemption requirements in its ability-to-repay/qualified mortgage regulation. The proposal would, among other things, increase the total-loan threshold from 500 to 2,000 and factoring mortgage affiliates into the asset threshold of $2 billion.

 “NAFCU welcomes CFPB’s proposal to provide much-needed regulatory relief to credit unions wishing to continue providing mortgages to their members under the bureau’s QM regulation,” said Carrie Hunt, NAFCU’s senior vice president of government affairs and general counsel. “We strongly urged the bureau to set a more realistic exemption level for small creditors and appreciate CFPB’s listening to our concerns and seeking to make its rule more workable. 

“We will closely review this proposed rule and will provide comments to ensure any final rule is the best rule for our members.

“CFPB’s mortgage rules implement requirements of the Dodd-Frank Act, which provides a specific exemption for small creditors. NAFCU continues to believe all credit unions should be exempt from rules implemented to address abuses in which credit unions did not participate.”

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

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Contact: Patty Briotta | 703-842-2820 | pbriotta@nafcu.org