January 27, 2014

Cordray testifies on CFPB plans, activities today

Jan. 28, 2014 – CFPB Director Richard Cordray will deliver the bureau's semiannual report to Congress today in a hearing before the House Financial Services Committee.

NAFCU will monitor the hearing, focusing specifically on any indications from Cordray about changes or next steps in the bureau's mortgage regulations, many of which took effect Jan. 10 and continue to fuel concerns at credit unions.

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.

NAFCU provides compliance assistance for credit unions regarding the qualified mortgage and ability-to-repay rules on its website by offering links to summaries of the final rules, blog posts, articles and webcasts.