Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA Backs Rep. Huzienga's CFPB Bill
WASHINGTON (6/25/13)--The "Ability to Repay" rule fixes contained in Rep. Bill Huzienga's (R-Mich.) Consumer Mortgage Choice Act (H.R. 1077) would address many credit union concerns, the Credit Union National Association wrote in a Monday letter to the legislator.

The Consumer Financial Protection Bureau in May finalized changes to the "Ability to Repay" rule, which will require lenders to determine a borrower's ability to repay before writing a mortgage loan. The rule is slated to take effect on Jan. 10, 2014.

CUNA remains concerned about the definition of points and fees in the amended CFPB rule, CUNA President/CEO Bill Cheney wrote. "Specifically, we are concerned that the inclusion of affiliated title charges remains as part of the points and fees definition," he said.

Huzienga's legislation addresses CUNA's concerns by excluding from the definition "all title charges, regardless of whether they are charged by an affiliated company, provided they are bona fide and reasonable."

Cheney said "defining points and fees in this way will maintain a competitive marketplace, prevent over-pricing or limiting choice in low-moderate income areas and allow consumers to enjoy the existing benefit of working through one entity for their new mortgage or refinance."

Huzienga's bill also addresses loan level price adjustment exclusions contained in the bill. These exclusions, if not eliminated, would impair the availability of credit for some credit union members, the CUNA letter warned.

For the full letter, use the resource link.
Other Resources

CUNA Letters To Congress
RSS print
News Now LiveWire
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
3 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
6 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
7 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
7 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
7 hours ago