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News Now

Washington
CUNA spotlights CU concerns at today's CFPB mortgage field hearing
ATLANTA, Ga. (1/17/13)--Regulatory burden and how pending mortgage regulations could impact credit unions will be two items on the agenda when Pam Davis of Delta Community CU, Atlanta, Ga., voices credit union concerns at today's Consumer Financial Protection Bureau (CFPB) field hearing.

Davis, who serves as vice president of real estate services at Delta Community CU, will speak on a panel of three financial services industry speakers. She will speak on behalf of the Credit Union National Association and the Georgia Credit Union Affiliates. CUNA was invited by the CFPB to participate on one of the field hearing panel discussions.

The field hearing is scheduled to begin at 11 a.m. ET at the Rialto Center for the Arts at Georgia State University. League leaders and other credit union representatives will also attend the event.

The hearing will also feature remarks from CFPB Director Richard Cordray, consumer groups and members of the public. League and credit union officials are scheduled to meet directly with Cordray this week.

In her remarks, Davis will urge the agency to recognize the differences between credit unions and for-profit institutions as it develops regulations. She will also encourage the CFPB to exempt credit union activities as broadly as possible in light of those key distinctions, and credit union efforts to offer consumers a good deal.

The CFPB ahead of the hearing released a summary of its final mortgage servicing rule, which will be released in full today.

CUNA anticipates that final rules addressing mortgage loan originator compensation and high-risk-mortgage appraisals will also be released by the CFPB today. The National Credit Union Administration and Federal Deposit Insurance Corp. have already approved the high-risk-mortgage appraisal rule. (See Jan. 16 News Now story: NCUA approves high-risk mortgage appraisal rules)

These regulations are among a number of final rules that the CFPB must release by Jan. 21. Last week, the agency unveiled final rules regarding ability to repay requirements, escrow accounts, and "high-cost" mortgages. (See Jan. 11 News Now story: CFPB QM, ability-to-repay rules are out, CUNA provides summary)
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