Loan originator training and leveraged vendor relationships should help credit unions guide members through new CFPB rules.
Any time new rules and regulations are implemented, there could be unintended consequences.
Republican-led House Financial Services Committee launches site one day before CFPB Director Cordray presents semi-annual report.
Fifteen-member CU advisory group meets quarterly to discuss CFPB regulatory issues.
CFPB Director reassures Realtors credit unions can still make mortgage loans that don't conform to the bureau's qualified mortgage rule, which took effect Jan. 10.
Daniel Weickenand, CEO of the $531 million Orion FCU in Memphis, Tenn., said low margins and risk forced him to discontinue non-QM loans.
Regulator also encouraged NAR members to spread awareness of CFPB's online complaint database.
Follow-up report reveals lenders at credit unions and banks are still concerned with regulatory burden, as they were in original 2011 survey.
CUNA attorney says credit unions will continue to make QM business decisions up to today's compliance deadline.
Agency outlines compliance expectations for CFPB mortgage rules, which go into effect Jan. 10.