CFPB CU Advisory Council Planning Wednesday Tel-Con
The Consumer Financial Protection Bureau’s 15-member Credit Union Advisory Council will meet Wednesday via teleconference to discuss recent revisions to the qualified mortgage rule, as well as the CFPB’s review of payday lending practices.
The council, which first met in Washington in October 2012, is chaired by Carla Decker, president/CEO of the $46 million District of Columbia Employees FCU. Most members on the council represent credit unions with around $100 million in assets or less.
Other council members include:
- Bernard Balsis, $20 million IEG FCU, Hilo, Hawaii
- Rose Bartolomucci, $117 million Towpath CU, Fairlawn, Ohio
- Gary Bell, $102 million Cooperative Center FCU, Berkeley, Calif.
- John Buckley, $122 million Gerber FCU, Fremont, Mich.
- Ron Ehrenreich, $19 million Syracuse Cooperative FCU, Syracuse, N.Y.
- Kevin Foster-Keddie, $1.7 billion Washington State Employees CU, Olympia, Wash.
- Helen Godfrey-Smith, $88 million, Shreveport FCU, Shreveport, La.
- Mitch Klein, $4 billion Police & Fire FCU, Philadelphia;
- Lily Lo, $11.3 million Northeast Community FCU, San Francisco
- Maria Martinez, $114 million Border Federal CU, Del Rio, Texas
- Marcus Schaefer, $1.6 billion Truliant FCU, Winston-Salem, N.C.
- Camille Shillenn, $40 million Unified People’s FCU in Cheyenne, Wyo.
- Gregg Stockdale, $37 million, 1st Valley CU, San Bernardino, Calif.
- David Wright, $43 million Services Center FCU, Yankton, S.D.
The CFPB issued an amended final qualified mortgage rule May 29 that provided new exemptions for small lenders. Among those exemptions include the ability to designate certain mortgages as qualified, even if the borrower’s debt-to-income ratio exceeds the rule’s 43% limit, provided the lender holds the mortgage on its books.
The rule also provides a two-year transition period that will allow small lenders to make certain balloon loans that will qualify as qualified mortgages, which was a concern for institutions located in rural areas where balloon loans are more common.
On April 24, the CFPB released a report on payday lending that was critical of deposit advance loans it said are offered by banks and credit unions. Those loans differ from credit union short-term, small-amount payday loan alternatives; however, the CFPB said it is also researching them and will publish results in an “overdraft stud