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News Now

Washington
CUNA turns spotlight on CU concerns at second CFPB mortgage field hearing
WASHINGTON (1/15/13)--Pam Davis of Delta Community CU, Atlanta, Ga., will bring credit union concerns regarding changing mortgage rules to the forefront during a Thursday Consumer Financial Protection Bureau (CFPB) field hearing.

Davis is one of 20 credit union representatives from across Georgia that are planning to attend the CFPB field hearing this week, alongside Georgia Credit Union League leaders. She will speak on behalf of her credit union and the Credit Union National Association.

CFPB Director Richard Cordray will speak during the event and field hearing attendees will also hear testimony of consumer groups, mortgage industry representatives, and members of the public. The league and credit union officials will also meet directly with CFPB Director Richard Cordray after the field hearing has concluded.

The hearing is scheduled to begin at 11 a.m. ET on Jan. 17 at the Rialto Center for the Arts at Georgia State University. This is the second hearing of its kind held this month. SECU of Maryland President/CEO Rod Staatz told the CFPB that "credit unions remain very concerned that they will be subject to a barrage of requirements even though they did not cause the financial crisis" during a Jan. 10 mortgage issues field hearing in Baltimore, Md. (See Jan. 11 News Now story: SECU's Staatz to CFPB: Contain CU reg burden)

CUNA anticipates that final rules addressing mortgage loan originator compensation, mortgage servicing and higher-priced mortgages may be released by the CFPB this week.

These regulations are among a number of final rules that the CFPB must release by Jan. 21.

Last week, the agency unveiled final rules regarding ability to repay requirements, escrow accounts, and "high-cost" mortgages. (See Jan. 11 News Now story: CFPB QM, ability-to-repay rules are out, CUNA provides summary)
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