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FOR IMMEDIATE RELEASE | February 08, 2018

NAFCU Praises House Passage of Mortgage Choice Act

FOR IMMEDIATE RELEASE

Washington (Feb. 8, 2018) -- National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the House passage of theNAFCU-backedMortgage Choice Act (H.R. 1153), which would adjust Truth in Lending Act (TILA) mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.

"NAFCU thanksReps. [Bill] Huizenga and [Gregory] Meeks for introducing this legislation to reduce credit unions' regulatory burden and increase consumer choice in the mortgage market," said Berger. "Consumers deserve affordable mortgage options and this bill, by fostering more competition, will help ensure that.

"We appreciate all representatives who recognized these benefits and voted in favor of H.R. 1153, and we encourage their counterparts in the Senate to do the same."

NAFCU earlier this week joined with other trades representing the financial services and housing industries to encourage House members to support the bill. Last October, Rick Stafford, president and CEO of Tower Federal Credit Union (Laurel, Md.), testified onbehalf of NAFCUbefore a House Financial Services subcommittee on housing finance reform and urged members to pass H.R. 1153.

The bill now heads to the Senate for consideration.

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The National Association of Federally-Insured 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. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.

Jacqueline Ramsay
jramsay@nafcu.org