WASHINGTON, DC (July 26, 2019) — The National Association of Federally-Insured Credit Unions (NAFCU) EVP ofGovernment Affairs and General Counsel Carrie Hunt issued the following statement in response to the CFPB’s announcement today that it plans to allow the QM patch to expire January 2021. The bureau said it also plans to solicit input from industries.
“NAFCU supports credit unions being able to provide provident credit to as many American consumers as possible. NAFCU has long supported a more expansive definition of what constitutes a qualified mortgage and will be providing our feedback to the CFPB. Under the current QM definition, the QM Patch has been a key factor in credit unions’ ability to lend to members of their communities, especially those of low- and moderate-income, to achieve homeownership. We will support a solution that allows credit unions to continue to lend to those communities.”
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 www.nafcu.org or @NAFCU on Twitter.
