SACRAMENTO, Calif. — Chris Collver, regulatory and legislative analyst for the California Credit Union League, offered up his opinion on Regulation Z revisions to the state assembly.
Collver addressed members of the California Senate Banking, Finance and Insurance Committee on March 5 during an informational hearing regarding proposed Regulation Z revisions, designed to promote responsible mortgage lending practices.
In his comments, Collver said credit unions support several of the proposal’s provisions because the industry already practices prudent loan underwriting and rejects credit practices that are detrimental to borrowers.
“We have concerns about some provisions, but we feel the general goal of the revisions is beneficial to consumers,” said Collver.
Collver’s comments, as well as those made by representatives from other organizations in attendance, will be included in a letter the California Senate Banking, Finance and Insurance Committee plans to distribute to senators for review.