Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: Fed Agencies Release QRM, Risk Retention Proposal
WASHINGTON (UPDATED: 8/28/13, 11:40 A.M. ET)--Another round of proposed credit risk retention regulations, including a new definition of "qualified residential mortgage" (QRM) with modifications that the Credit Union National Association had urged, was released by the Federal Reserve, Federal Deposit Insurance Corp. and four other federal regulators today.

However, CUNA has a number of concerns about the new 505-page proposal, which will be addressed in future comment letters to the agencies. Comments are due Oct. 30.

The proposed QRM definition would be identical to the definition adopted by the Consumer Financial Protection Bureau for a "qualified mortgage" (QM). While CUNA noted this is a marked improvement from the original proposal, CUNA continues to seek additional latitude for credit unions under the CFPB's QM standards. CUNA will press for such flexibility under the QRM proposal.

The agencies are also seeking comments on an alternative definition of QRM that would include underwriting standards.

Under the Dodd-Frank Act, credit unions are not directly covered by the QRM proposal. However, CUNA has been weighing in with the various regulators on the QRM issues because there is a concern that the secondary market will conform to QRM standards and that examiners will expect federally insured institutions to meet QRM requirements.   

Any closed end loan secured by a dwelling would be under the proposal.

CUNA will post a Comment Call  on the QRM provisions later this week.

The U.S. Department of Housing and Urban Development, Federal Housing Finance Agency, Office of the Comptroller of the Currency, and the Securities and Exchange Commission joined the Fed and FDIC in releasing the proposed rule.

For more, use the resource link.
Other Resources

Fed Release
RSS





print
News Now LiveWire
#DDoS attacks shorter, intense, more expensive: @VERISIGN http://t.co/zDFTPgTqQM
33 minutes ago
eCommerce sites at risk of hacking as well http://t.co/q7ANQPfx2g
1 hour ago
As of Friday pm,#CUs, state CU leagues, CUNA & others had sent 1,654 comment letters on the @TheNCUA 's #RBC2015 plan http://t.co/1SKDxE1D5S
1 hour ago
#DDoS attacks can expose weaknesses that cybercriminals can exploit. http://t.co/8HGmDuCV9j
1 hour ago
.@voxdotcom asks: is 2015 the year Congress takes action on patent trolls? http://t.co/4vQ49fVP0W
1 hour ago