Newsroom
Cordray discusses QM, data collection, student loans
June 19, 2014 – CFPB Director Richard Cordray presented the bureau's semiannual report to the House Financial Services Committee Wednesday where he discussed and was questioned on the qualified mortgage rule, student loans and data collection and security.
Rep. Shelley Moore Capito, R-W.Va., chairman of the Subcommittee on Financial Institutions and Consumer Credit, expressed concern with the bureau's qualified mortgage rule, saying that consumers are not better off if they can't access mortgages from their local banks or credit unions.
Panel Ranking Member Gregory Meeks, D-N.Y., asked Cordray if the QM rule has had an impact on minority borrowers. Cordray said the QM rule hasn't had any negative effects on mortgages and referred to an article published Tuesday in American Banker noting the rule's "minimal" impact during its first six months of implementation.
Also addressed:
- Data collection: Most subcommittee members asked about CFPB's data collection efforts and the amount of data the bureau collects, specifically religious affiliation, number of children and level of education. Cordray said CFPB would not utilize that type of data, but that did not assuage panel members.
- Student loans: Rep. John Carney, D-Del., asked Cordray for his views on student loans and the rising costs of tuition. Cordray said he was concerned about the rising costs of tuition and said educational institutions should evaluate the impact of those costs on the public.
- CFPB oversight: Rep. Lacy Clay, D-Mo., asked about the asset size of institutions subject to CFPB oversight. He asked whether CFPB would support raising this threshold from $10 billion to $50 billion (long been urged by NAFCU), noting that would still leave the bureau overseeing 70 percent of all institutions. Cordray said the compromise reached by Congress was $10 billion, but if Congress wants to address the issue, the bureau would supply technical assistance.
Share This
Related Resources
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E 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 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.