The CFPB’s hearing yesterday in Atlanta on the bureau’s final mortgage servicing rule drew participants from all sides of the mortgage process – including two NAFCU member credit unions.
Victor Williams, vice president of mortgage lending at Randolph-Brooks FCU (Live Oak, Texas), weighed in during the audience participation segment. Noting his credit union is a portfolio lender, Williams said it appeared the CFPB had taken note of credit unions’ concerns in its final rule, but he said the bureau may want to consider raising its 5,000-loan threshold for the exemption.
Emily James, CEO of Georgia Power FCU in Atlanta, also attended the hearing. “Based on what I saw and heard today, I believe the bureau is open to listening to everyone’s story,” she told NAFCU Today. “I think we have seen efforts made to provide exemptions in the final rules that would indicate that the bureau is actually listening to what the industry is saying.” However, she added, “I think we should continue to tell our story just as loudly as consumers are telling theirs.”
“Farther down the road, we may be right back where we started,” she said, adding, “It will be important for credit unions to work together as an industry” to ensure their institutions’ future ability to meet members’ needs.