NAFCU letter to CFPB on mortgage lending​

WASHINGTON, DC (July 29, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Ann Kossachev today wrote the Consumer Financial Protection Bureau (CPFB) on mortgage lending. NAFCU and its members are “troubled by the growing cost of mortgage lending” due to the CFPB’s ability-to-repay/qualified mortgage rule and the negative effect the rule has had on credit unions’  origination volumes,profitability and member satisfaction.

“The rule has forced some credit unions to increase their staff and has constrained their capacity to provide non-conforming loans, which has hurt credit unions’ ability to provide financial services to the underserved populations that need it the most,” Kossachev said.

The CFPB in May announced the assessment and its plan to issue a final report by Jan. 10, 2019.

Responding to the bureau’s request, Kossachev detailed how the ATR/QM rule has increased costs for credit unions, causing some credit unions to stop their mortgage operations completely. “The CFPB’s failure to recognize the unique structure of credit unions and tailor regulations accordingly has caused significantly higher compliance costs for credit unions across the country,” Kossachev added.

Attached please find full-text of the letter.


The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to or @NAFCU on Twitter.


Molly Safreed, (NAFCU)

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