RichardCordray, director of the Consumer Financial Protection Bureau, has urged credit unionsnot to fear the bureau's current mortgage regulations but to keepon making housing finance loans.

Cordray's reassurances appeared in an opinion piece which ran inthe March 11 National Mortgage News under the headline“Credit Unions, On Whole, Are Responsible Lenders.”

“I know that complying with our new regulations is a worry formany of you. So allow me to make a few points clear,” Cordraywrote. “First, the criteria for qualified mortgages are intended todescribe only the least risky loans that can be offered toconsumers. But plenty of responsible lending remains availableoutside of the qualified mortgage space, and we encourage you tocontinue to offer mortgages to those borrowers you can evaluate asposing reasonable credit risk. Those that lend responsibly – likecredit unions – have no reason to fear the ability-to-repay rule.”