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News Now

Washington
Mortgage reform bill should be last resort say CUNA
WASHINGTON (4/24/09)—Lawmakers should continue to work closely with federal regulators to revise mortgage lending laws before pushing on with legislation that could be redundant or conflicting with new regulations, said the Credit Union National Association (CUNA) Thursday. In a letter to the top members of the House Financial Services Committee, CUNA President/CEO Dan Mica said credit unions support efforts to eliminate predatory mortgage lending practices. The committee conducted a hearing Thursday on H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, and the CUNA letter will be added to the hearing record. While supporting the bill’s intent, Mica urged lawmakers to resist pressing for additional laws before assessing the effectiveness of a series of regulatory actions currently underway to address mortgage lending problems and concerns. Among the five regulatory proposals named, Mica noted that the Federal Reserve Board currently is reviewing its closed-end lending rules and its home equity lending rules under Regulation Z, which implements the Truth in Lending Act. Proposed rules are expected to be issued for comment later this year. “As the Committee proceeds with consideration of H.R. 1728, CUNA urges consideration of only those statutory changes which are absolutely essential,” Mica said in his letter to Chairman Barney Frank (D-Mass.) and Rep. Spencer Bachus (R-Ala.), the panel’s ranking member. The CUNA letter also addressed concerns specific to the bill under consideration, which was introduced in March by Reps. Frank, Brad Miller (D-N.C.) and Mel Watts (D-N.C.). For example, CUNA noted that certain provisions could trigger lawsuits under the Truth in Lending Act (TILA), an area already rife with legal challenges. To read more about this and other concerns, use the resource link below to access the CUNA letter.


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