NAFCU Statement on FDIC’s Proposed Change to QRM Rule
WASHINGTON, DC (August 28, 2013) — National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement based on today’s proposal issued by the Federal Deposit Insurance Corporation (FDIC) for its rule defining the definition of “qualified residential mortgages.”
“NAFCU appreciates the agencies’ adherence to our call to align the definition of “qualified residential mortgages” with the CFPB’s definition of “qualified mortgages.” While the second proposal is an improvement to the first, we believe it will still have a negative downstream effect on credit unions. As such, we will thoroughly study the proposal and work with the FHFA and the other agencies to provide relief for credit unions from the rule’s effect on their mortgage lending.”
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.