Alaska Democrat joins 25 GOP lawmakers in asking CFPB to delay new rules that take effect in January.
Rule issued Wednesday requires use of new, simplified disclosure forms in English or Spanish.
Regulatory changes from Dodd-Frank outlined on agency Consumer Protection Update site.
Tim Segerson, deputy director in the NCUA’s Office of Examination and Insurance, told executives attending the American Credit Union Mortgage Association conference in Las Vegas Sept. 25 the agency continues to explore how credit unions can mitigate real estate loan risk.
Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
CFPB on Wednesday issued an amended final qualified mortgage rule that provides new exemptions for small lenders.
Effort addresses rules finalized last month on qualified mortgages, ability to repay.
Both NCUA Chairman Debbie Matz and Consumer Financial Protection Bureau Director Richard Cordray revealed developments in ongoing regulatory issues during a Feb. 5 webinar in which both answered questions from their credit union audience.
Because credit unions don’t typically pay for more profitable terms, the rule isn’t expected to have a major impact on the industry.
Originators also can't be paid more for pushing higher interest rates, selling title insurance. Criminal background checks also required.