WASHINGTON — While NAFCU President/CEO Fred Becker wrote that the group appreciated changes to the legislation to address some concerns, the issue of regulatory burden associated with The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915) remains.

In particular, NCUA was given rulemaking authority to implement the legislation should it become law; this was left out as an oversight prior to today's scheduled markup. "However, we still maintain serious concerns about the regulatory burden the legislation places on regulated financial institutions such as credit unions, which have not been part of the current mortgage crisis problem," he wrote.

Becker pointed out that the heightened risk created by an unlimited right of rescission and the "ability to repay" standard could impact mortgage pricing and availability. "The 'ability to repay' standard, while well-intentioned, could place a greater burden on consumers to prove their creditworthiness, which could negatively impact many working families, especially those who may find it difficult to prove their repayment ability through traditional means," he said.

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