Regulation

NAFCU to testify before House subcommittee on CFPB’s QM rule

MortgageThe National Association of Federal Credit Unions will testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on Tuesday on credit union concerns regarding the CFPB’s ability-to-repay/qualified mortgage rule.

Orion Federal Credit Union CEO Daniel Weickenand, a member of the NAFCU board, will testify for NAFCU on the new rules, which took effect last week, and how they will affect current and potential homeowners.

The hearing is slated for 10 a.m. and will be chaired by Rep. Shelley Moore Capital (R-W. Va.).

The CFPB has released information and guidance on the rules over the past two weeks, ahead of the Jan. 10 compliance date. The National Credit Union Administration has also issued supervisory guidance to credit unions on the QM rule.

NAFCU President and CEO Dan Berger urged CFPB Director Richard Cordray in a recent letter to consider information provided by NAFCU on the impact of the rule on credit unions.

“We will share appropriate information and findings with the CFPB and hope that the agency will take into account our market-based analyses, anecdotal accounts and other information we share in its review of the rules and make changes where necessary or appropriate,” Berger said in a letter to Cordray last week.

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