WASHINGTON (9/4/13)--Credit Union National Association staff dig deeper into a joint federal financial agency revised proposed rule on credit risk retention in this week's edition of the Regulatory Advocacy Report.
The joint agency release proposes a definition of the term "qualified residential mortgage (QRM)" for purposes of creating an exemption from the risk retention requirements under the Dodd-Frank Act. The definition of QRM would be revised to be the same as the Consumer Financial Protection Bureau's definition of a qualified mortgage. This is a development that CUNA had urged.
CUNA has asked interested credit unions to comment on the proposal (See Sept. 3 News Now story: CUNA Seeks CU Comment Call On Revised QRM Rule.)
The Regulatory Advocacy Report provides extra details on the alternative "QM-Plus" definition outlined in the joint agency proposal.
The QM-Plus definition would serve as a more stringent alternative to the proposed QRM definition. The proposed QM-Plus requirements are:
Bankruptcy and loan-to-value requirements are also outlined in the QM-Plus proposed definition.
This week's Regulatory Advocacy Report also includes:
A resource chart with information on current CUNA comment calls is also provided in the Report. The Regulatory Advocacy Report also includes updated regulatory advocacy resource charts with comprehensive information on proposed and final CFPB rulemakings, and the more than 150 updated federal regulations that impact credit unions.
For this week's Regulatory Advocacy Report, use the resource link.