NAFCU discusses mortgage lending, forbearances with CFPB
Members of NAFCU's Regulatory Affairs team Monday shared credit union concerns and issues related to mortgage servicing, forbearances, and periodic statements with the CFPB. NAFCU previously spoke with CFPB Director Kathy Kraninger to reiterate credit unions' need for regulatory relief amid the coronavirus.
Under the CARES Act, borrowers are able to request forbearance on single-family and multifamily loans sold to the government-sponsored enterprises (GSEs). However, the legislation does not provide relief for mortgage servicers.
The CFPB has indicated through guidance that it is focused on making it easier for mortgage servicers to offer forbearance plans quickly and give servicers reasonable flexibility to use their resources to support consumers. NAFCU has shared concerns about increased forbearance requests negatively impacting credit unions with the Federal Housing Finance Agency and continues to work with regulators to obtain relief.
During Monday's conversation, the group also discussed the CFPB's approach to examinations and supervision for compliance with mortgage servicing rules and the recently released guidance regarding implementation of the CARES Act.
The bureau has taken several steps in the midst of the coronavirus pandemic to support financial institutions and consumers affected, including providing some relief related to remittances and reporting under the Home Mortgage Disclosure Act and Regulation C, and guidance on credit reporting requirements.
The association also has several resources available online to assist credit unions, including an updated summary table of regulator actions, detailing actions taken by agencies to provide guidance and relief to financial institutions.
As the industry's Washington Watchdog, NAFCU will continue to work with the CFPB and other regulators to ensure a regulatory environment that allows credit unions to serve their members throughout coronavirus relief efforts.
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Credits: NCCO, NCRM, NCBSO, CPE
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 CU Case Study: Growing Your Consumer Loan Portfolio and Gaining New Members About the Webinar According to the NCUA, credit unions experienced a 20% annual increase in total deposits in 2020. Meanwhile, current economic conditions have credit unions struggling to find qualified member borrowers, leading to a capital surplus without viable investment options. To buck the trend, many credit unions have partnered with fintech companies to grow their consumer loan portfolio by finding more creditworthy borrowers and gaining new members. Discover how your credit union can tap into this opportunity to quickly increase consumer lending to more creditworthy borrowers with minimal upfront costs. In this webinar, Brent McCoy, Vice President of Credit Administration, KEMBA Financial Credit Union, will share how KEMBA is putting its cash to work to grow its consumer loan portfolio while gaining new members. 3 Key Takeaways: Learn how KEMBA Financial Credit Union originates loans digitally as a complement to its existing offerings to acquire more borrowers, without disrupting its branch network or processes. Discover how KEMBA Financial Credit Union maintained control of its risk profile and monitored loan performance during the pandemic. Learn how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU firstname.lastname@example.org America/New_York public
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