X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-In a recent letter to Senate Banking Committee Chairman Paul Sarbanes (D-Md.), CUNA expressed its support for the Predatory Lending Consumer Protection Act of 2002 (S. 2438). The purpose of the bill is to amend the Home Ownership Equity Protection Act (HOEPA) to address predatory lending practices. HOEPA sets disclosure requirements for loans with interest rates, points, and/or fees above certain thresholds. Sarbanes’ legislation will lower those thresholds to six percentage points above comparable Treasury securities for first mortgages and eight percentage points above comparable Treasury securities for second mortgages. Additionally, HOEPA will apply when points and fees exceed the greater of 5% of the total loan or $1,000. Currently, the law reads 8% of the loan amount or $480. CUNA wrote in support of these lower thresholds, as well as other provisions of the bill including: *

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.