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FOR IMMEDIATE RELEASE

NAFCU Hails Rep. Barr's Introduction of QM Portfolio Lending Bill

Washington (March 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 reintroduced today by Rep. Andy Barr, R-Ky., which would ensure residential mortgage loans held in portfolio by originators, such as credit unions, automatically attain the qualified mortgage safe harbor under the Consumer Financial Protection Bureau's (CFPB) rules.

"NAFCU has long urged lawmakers that credit unions and other financial institutions should be given a safe harbor if they assume the risks associated with making a mortgage loan to consumers when necessary and appropriate," said Thaler. "We hail Rep. Barr, the bill's cosponsors and their staffs for their continued support on this measure that would help provide much needed regulatory relief for credit unions."

Barr was the chief sponsor of similar legislation introduced last Congress as H.R. 2673, the "Portfolio Lending and Mortgage Access Act."

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.

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