June 12, 2014

NAFCU urges Senate action on points-and-fees fix

June 13, 2014 – NAFCU last night urged Senate action on a House-passed bill on the qualified mortgage points-and-fees limit in a letter to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky.

The House passed H.R. 3211, the "Mortgage Choice Act," by voice vote Monday. The bill would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.

"This bipartisan legislation would bring much needed relief to credit unions," NAFCU Vice President of Legislative Affairs said in last night's letter. "On behalf of our nation's credit unions and their 98 million members, we urge you to act swiftly to bring this legislation to the Senate floor and work toward its passage."