January 21, 2014

Cordray gives semiannual report in Jan. 28 hearing

Jan. 22, 2014 - CFPB Director Richard Cordray will deliver a semiannual report on the bureau's activities during a Jan. 28 hearing held by the House Financial Services Committee.

NAFCU will monitor the hearing , which will update the committee on the status of the bureau's new mortgage rules that took effect on Jan. 10, including the ability-to-repay/qualified mortgage rules.

Daniel Weickenand, CEO of Orion FCU in Memphis and a NAFCU Board member, testified before a House Financial Services subcommittee Jan. 14 about the new rules, focusing on his credit union's decision to stop offering non-qualified mortgage loans.

Despite the CFPB's assurances that credit unions are not required to only offer QM loans, Weickenand said that many have no practical alternative.

NAFCU President and CEO Dan Berger has urged Cordray that the bureau take into the account the information NAFCU plans to provide as it monitors the rules' implementation and learns more about its impact on credit unions.