Executives from CUNA and CUNA Mutual Insurance Group are asking more credit unions to comment on ongoing discussions about the definitions of what will be a qualifying residential mortgage, or QRM.
The initial reviews are in from the meeting this week between credit union CEOs, community bank CEOs and top brass of Federal Reserve banks, and so far the assessment of what was discussed on everything from interchange to Fannie/Freddie status was favorable.
Underscoring a policy aimed at reaching out to small community banks and credit unions, the Federal Reserve Board and its district banks last week began completing a series of high-level CEO appointments to its new advisory panels.
New England credit union CEOs James Blake and John Dwyer expect to give the Federal Reserve an earful next week drawn from differing agendas - one on mortgage lending and the other on Fed access.
CEOs being appointed this month to the newly formed advisory panels of Federal Reserve district banks are eager to become CU advocates and plan to raise the debit interchange issue.
Rep. Michele Bachmann (R-Minn.) is seeking cosponsors for her legislation to repeal the Dodd-Frank financial overhaul bill that Congress passed last year.