The Consumer Financial Protection Bureau released final mortgage rules that restrict loan originator compensation methods and increase the level of service loan servicers must provide to borrowers. However, due to the way credit unions already do business, trade associations say neither rule will have a major impact on the industry.
NLRB plaintiffs say the ruling was significant because it occurred in the same court that is hearing the Cordray suit.
Session set for April 24-26 in California also one of Fred Becker's last speeches to credit unions before his retirement.
Credit union trade groups reviewing the details; concern is whether strategic defaults would be encouraged.
Trades praise Cordray's accessibility, libertarian think firm revisits recess appointment constitutionality.
Because credit unions don’t typically pay for more profitable terms, the rule isn’t expected to have a major impact on the industry.
NAFCU President/CEO Fred Becker, who announced his retirement Jan. 7, said he will be leaving the credit union industry for good when he leaves the trade July 31.
NAFCU's Becker points to provisions aimed at discouraging "frivolous lawsuits, claims or defenses."
Berger said NAFCU’s current strengths in advocacy, education and compliance will continue to be top priorities after he takes over on Aug. 1.
“There’s nothing worse than an ‘ex’ anything,” outgoing trade group chief says.