NCUA May Testify at Subprime and Predatory Lending Hearing
WASHINGTON -- The House Financial Institutions and Consumer Credit Subcommittee has announced a hearing to investigate subprime and predatory lending later this month.
The hearing, The New Regulatory Guidance on Subprime Hybrid Mortgages: Regulators and Response, is slated for Tuesday, March 27 at 10 a.m. Sources have said that all the federal financial institutions regulators will likely be invited to testify, including NCUA.
Credit unions have not been associated with the various hybrid mortgages going bad across the country or extraordinary payday loan rates. Credit unions have a statutory usury cap of 18% and often offer alternatives to fringe lenders.