CFPB to update NAFCU reg committee on ATR/QM rule
NAFCU's Regulatory Committee meets today and will get an update on the Bureau of Consumer Financial Protection's recently released assessment of its ability-to-repay (ATR)/qualified mortgage (QM) rule. Following the release of the report, the bureau specifically reached out to NAFCU requesting credit union feedback.
Seven representatives from the bureau will participate in today's meeting, including from the bureau's offices of mortgage markets, financial institutions and business liaisons, and regulations.
The ATR/QM rule prohibits a creditor from making a mortgage loan unless the creditor makes a reasonable and good-faith determination (based on a set of underwriting standards) that the consumer will have a reasonable ability to repay the loan, including any mortgage-related obligations (such as property taxes). The rule took effect in January 2014.
During today's Regulatory Committee meeting, NAFCU member credit unions will share with the bureau the ATR/QM rule's effect on the industry, including its high compliance cost. NAFCU will ask for further guidance on a provision of S. 2155 that added a new safe harbor category of QMs and how the bureau plans to implement the provision.
The committee will also ask the bureau to extend the government-sponsored enterprise (GSE) patch, which is set to expire either when the GSEs are removed from conservatorship or on Jan. 10, 2021 (whichever occurs first), modify the debt-to-income (DTI) threshold for ATR requirements and allow a cure or correction mechanism for credit unions in certain circumstances, and exclude some items from the points and fees threshold.
NAFCU's next Regulatory Committee meeting is slated for 2 p.m. Eastern Feb. 12.
Add to Calendar 2019-06-27 14:00:00 2019-06-27 14:00:00 The New Private Flood Insurance Rule: Compliance Tips and Unanswered Questions The new interagency private flood insurance regulations take effect on July 1, 2019 and will require credit unions and other regulated entities to accept certain types of private flood insurance policies. This webinar will provide you with an overview of the new rule, address the rule’s requirements, and identify unanswered questions that may affect the growth of the private flood insurance market. Key Takeaways: Learn more about the role of private flood insurers Gain insight on the difference between mandatory and discretionary acceptance Analyze the difference between private flood insurance and NFIP policies Understand when a credit union must accept a private flood insurance policy and when it has discretion to accept a private flood policy Register Now$295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire credit union access to the on-demand recording until June 27, 2020.Already registered? Go to the Online Training Center to view live. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Compliance Staff Risk Staff Credit Union Staff Attorneys Open to all credit unions, regardless of membership or charter type! Education Credits NCCO credit information is below; recommended 1.5 CPE credits. NCRM credit information is below; recommended 1.5 CPE credits. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Learn more about the role of private flood insurers. Gain insight on the difference between mandatory and discretionary acceptance. Analyze the difference between private flood insurance and NFIP policies. Understand when a credit union must accept a private flood insurance policy and when it has discretion to accept a private flood policy. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: CPE, NCCO, NCRM,
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