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NAFCU Statement on House Passage of H.R. 1210, the ‘Portfolio Lending and Mortgage Access Act'

Washington (Nov. 18, 2015) – National Association of Federal Credit Unions (NAFCU) Vice President of Legislative Affairs Brad Thaler issued the following statement regarding the House passage today of NAFCU-backed H.R. 1210, the "Portfolio Lending and Mortgage Access Act," legislation which residential mortgage loans held in portfolio by credit unions and other lenders would be treated as qualified mortgages (QM) for the purposes of the Consumer Financial Protection Bureau's (CFPB) mortgage lending rules.

"NAFCU and our members thank Rep. Andy Barr, R-Ky., and Financial Services Committee Chairman Jeb Hensarling, R-Tex., for their leadership and commitment to getting through the House this critical legislation," said Thaler. "We strongly support this commonsense effort to provide credit unions and their 100 million member-owners regulatory relief and look forward to continuing to work with Congress to help advance this legislation."

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org