RANCHO CUCAMONGA, Calif. (3/10/08)--The California Credit Union League (CCUL) addressed a California Senate committee Wednesday about the impacts of proposed mortgage lending revisions.
Chris Collver, CCUL regulatory and legislative analyst, presented facts about proposed Regulation Z revisions to members of the California Senate Banking, Finance and Insurance Committee during an informational hearing. The revisions are designed to promote responsible mortgage lending practices, the league said. Credit unions believe that loans should be prudently underwritten and should not be granted to the borrower’s detriment, Collver told the committee. Therefore credit unions support several of the proposal’s provisions. “We have concerns about some provisions, but we feel the general goal of the revisions is beneficial to consumers,” Collver said. The committee’s goal was to attain perspectives on the impact of, and reaction to, Regulation Z revisions from state regulators, consumer advocate groups, and members of the regulated community. Collver’s comments, as well as those made by representatives from other organizations, will be included in a letter the California Senate Banking, Finance and Insurance Committee plans to distribute to members of the state Senate for review.