NAFCU Statement on Rep. Huizenga’s Introduction of Points-and-Fees Bill

 

FOR IMMEDIATE RELEASE

NAFCU Statement on Rep. Huizenga’s Introduction of Points-and-Fees Bill

Washington (Feb. 3, 2015) - National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement in response to NAFCU-supported legislation introduced today by Rep. Bill Huizenga, R-Mich., identical to last Congress’s H.R.3211,  the “Mortgage Choice Act of 2013,” with strong bipartisan support.

“We thank Rep. Huizenga, the bill’s cosponsors and staff for their leadership and efforts in helping ensure that the points-and-fees definition for mortgages doesn’t push low- and moderate-income people from obtaining QM loans from credit unions,” said Thaler.

The bill’s original cosponsors are Reps. Greg Meeks, D-NY., Ed Royce, R-Calif., David Scott, D-Ga., David Joyce, R-Ohio, Steve Stivers, R-Ohio, Mike Doyle, D-Penn., Patrick Murphy, D-Fla., Betty McCollum, D-Minn., and Stephen Fincher, R-Tenn.

The legislation would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.

The same bill from the last Congress, and backed by NAFCU, was passed by the House in June but failed to move through the Senate.

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