ALEXANDRIA, Va. — NCUA Board Member Gigi Hyland told a hearing of the House Financial Services Committee today that whatever federal reform measures are enacted in the current crisis must be even-handed between federally chartered and non-federally chartered mortgage originators.
"NCUA believes the additional penalty may deter pattern or practice violations but is concerned that any additional penalty be applied in a balanced and consistent manner," Hyland wrote in her prepared testimony.
"It appears that under this amendment, a federally regulated entity would be subject to an administrative monetary penalty and a civil penalty in contrast to non-federally regulated entities. This result would be inconsistent with the general direction of H.R. 3915 of applying similar regulatory standards to all mortgage loan originators," she added.
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