WASHINGTON (7/12/11)--Credit unions and other interested parties have until Aug. 1 to comment on Qualified Residential Mortgage (QRM) rules and CUNA Mutual Group will host a webinar on July 18 to outline issues that most affect credit unions. The Credit Union National Association (CUNA) has voiced concerns that part of the QRM rules could have serious negative impact on credit unions and their members. As required by the Dodd-Frank Wall Street Reform Act, federal regulators are working on rules to define what mortgages are exempt from new risk-retention requirements and therefore will be designated as Qualified Residential Mortgages. These proposed rules were released in draft form for public comment earlier this year. Currently very restrictive in their language, the rules as drafted could limit many consumers’ eligibility for home loans and reduce the ability of credit unions and other smaller lenders to compete against large financial institutions. The webinar, scheduled for 2 p.m. (ET), will feature a panel of industry professionals discussing the proposed rules and the related risk-retention requirements, as well as the potential impact on the credit union mortgage lending business and members’ opportunities for homeownership. Webinar presenters include:
* Mary Dunn, CUNA senior vice president, and deputy general counsel; * Joel Luebkeman, director, marketing and product development, CMG MI; * Steve Robertson, managing director, PricewaterhouseCoopers; and * John McKechnie, senior vice president, Total Spectrum, and former director of the National Credit Union Administration’s public and congressional affairs office.
The webinar will be moderated by Christopher Roe, CUNA Mutual senior vice president of corporate and legislative affairs. Use the resource links below to register for the webinar or to file a comment on the proposed QRM rules with the Office of the Comptroller of the Current.