Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Reg Advocacy Report Digs Deeper On QRM Proposal
WASHINGTON (9/4/13)--Credit Union National Association staff dig deeper into a joint federal financial agency revised proposed rule on credit risk retention in this week's edition of the Regulatory Advocacy Report.

The joint agency release proposes a definition of the term "qualified residential mortgage (QRM)" for purposes of creating an exemption from the risk retention requirements under the Dodd-Frank Act. The definition of QRM would be revised to be the same as the Consumer Financial Protection Bureau's definition of a qualified mortgage. This is a development that CUNA had urged.

CUNA has asked interested credit unions to comment on the proposal (See Sept. 3 News Now story: CUNA Seeks CU Comment Call On Revised QRM Rule.)

The Regulatory Advocacy Report provides extra details on the alternative "QM-Plus" definition outlined in the joint agency proposal.

The QM-Plus definition would serve as a more stringent alternative to the proposed QRM definition. The proposed QM-Plus requirements are:
  • QRMs must meet the CFPB's core criteria for QM;
  • QRM treatment would only be available for loans secured by one-to-four family properties that are the principle dwelling of the borrower;
  • QRMs must be first-lien mortgages; and
  • Originators would need to ensure that a given borrower is not 30 or more days overdue on any debt obligation, and had not been 60 or more days late on a payment within the past two years.
Bankruptcy and loan-to-value requirements are also outlined in the QM-Plus proposed definition.

This week's Regulatory Advocacy Report also includes:
  • An update on ongoing interchange litigation;
  • CUNA comments on a proposed National Credit Union Administration e-filing regulation; and
  • Details on a recent cybersecurity meeting attended by CUNA.
A resource chart with information on current CUNA comment calls is also provided in the Report. The Regulatory Advocacy Report also includes updated regulatory advocacy resource charts with comprehensive information on proposed and final CFPB rulemakings, and the more than 150 updated federal regulations that impact credit unions.

For this week's Regulatory Advocacy Report, use the resource link.
Other Resources

CUNA Reg Advocacy Reports
RSS print
News Now LiveWire
#NewsNow: @CFPB offers tips for consumers who think their credit/debit cards have been hacked. http://t.co/rHnfYkJPIj
6 hours ago
See who's 1st to earn @CUNA's new biz development designation #NewsNow http://t.co/vn5ch4HkRC
8 hours ago
Joe Bergeron, president/CEO of the Association of Vt. CUs, has been re-elected to the board of the @NCBACLUSA
8 hours ago
NCUA reminds: CU managers/directors looking to improve leadership skills still can register 4 Leadership Boot Camps. http://t.co/0AUtIpWNqr
8 hours ago
Australia's Customer Owned Banking Association is @fileneresearch 's latest Gold benefactor.
10 hours ago