NAFCU Statement on CFPB’s Rule on Mortgage Loan Originators

Washington- National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker Jr. today made the following statement regarding the Consumer Financial Protection Bureau (CFPB) issuing its final rule on mortgage loan originators.

“We are pleased that the CFPB has recognized that the 0-0 alternative proposal would not be useful to consumers or lenders.”

“Unfortunately, however, and though well-intended, this rule will nevertheless potentially increase the cost of compliance and add to the ever-increasing regulatory burden on the credit union industry that was in no way responsible for the financial crisis. They are responsible lenders operating with solid, traditional lending practices who offer their members affordable access to making the American dream of home ownership a reality. We expect the final rule to be published Sunday and will examine it thoroughly to assess its full impact on credit unions and their members.”

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.

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