CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Credit unions respond to CFPB reports on ATR/QM and RESPA Mortgage Servicing Rules
Press

Credit unions respond to CFPB reports on ATR/QM and RESPA Mortgage Servicing Rules

January 10, 2019

FOR IMMEDIATE RELEASE         

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop  

Washington, D.C. (January 10, 2019) – The Consumer Financial Protection Bureau (CFPB) today released assessment reports on its Ability-to-Repay and Qualified Mortgage (ATR/QM) rule and the mortgage servicing rule issued under the Real Estate Settlement Procedures Act (RESPA).  

Credit Union National Association (CUNA) continues to seek additional guidance and rule amendments in these areas on behalf of credit unions in need of regulatory relief. The trade association plans to provide substantive feedback on necessary modifications to the ATR/QM and RESPA servicing rule.  

“We look forward to continuing our productive discussions with the Bureau and are prepared to provide any feedback necessary to secure positive modifications to the ATR/QM and Mortgage Servicing Rules,” said CUNA Chief Advocacy Officer Ryan Donovan. “We also anticipate working closely with CFPB leadership to ensure any rulemakings are appropriately tailored to address the practices of bad actors while also encouraging the bureau to exercise the exemption authority given to it by the Dodd-Frank Act to exempt good actors such as credit unions.”  

The ATR/QM rule uses eight factors to describe the minimum standards that must be used to determine that consumers have the ability to repay the mortgages they are extended. It also defines the requirements for QMs and how QM status works. 

Following her confirmation, CUNA sent a letter to CFPB Director Kathy Kraninger to address the need for changes to these rules. 

###    
      
About CUNA     
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.  

Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
Digital Edition •  Subscribe

Trending

  • ‘More listening and less attacking’

  • Movement must focus on financial well-being for all

  • Why DEI matters to credit unions

Tweets by CUNA_News

Polls

Who should be the 2021 Credit Union Hero of the Year?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors