Agencies “Higher-Risk” Mortgage Rule Adopts Numerous NAFCU Recommendations

Washington – National Association of Federal Credit Unions (NAFCU) General Counsel and Vice President of Regulatory Affairs Carrie Hunt today made the following statement regarding the federal regulators’  final rule on “higher risk” mortgages:

“NAFCU appreciates that our concerns regarding the consistency between ‘higher-risk’ and ‘higher–priced’ mortgage rule and the exemption of certain loans have been heeded.

“Nonetheless, we continue to have concerns about the undue regulatory burden on credit unions and question whether the promulgation of this rule was even necessary.”

The rule is a joint rulemaking effort by the NCUA, CFPB, FDIC, the Federal Reserve Board, Federal Housing Finance Agency and Office of the Comptroller of the Currency. Both NCUA and the FDIC have approved the final rule; the CFPB and OCC have representatives on the FDIC board. A joint announcement of the approved final rule is expected by week’s end.

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