CFPB has extended the deadline for financial institutions to complete the Section 1071 One-Time Cost Survey through Oct. 16. CUNA is strongly encouraging credit unions to fill the survey out so the CFPB has the necessary information on credit union lending.
The Consumer Financial Protection Bureau cited CUNA’s Regulation Impact Study in its assessment on the TRID rule. CUNA also submitted a comment letter in January on the assessment, noting that ongoing compliance costs continue to affect credit union lending.
CUNA supports the CFPB proposed “Seasoned” Qualified Mortgage (QM) to aid in the expansion of the residential mortgage market. The new category of QMs, Seasoned QMs, would apply to first-lien, fixed-rate covered transactions that meet certain performance requirements over a 36-month seasoning period.
CUNA President/CEO Jim Nussle spoke with Consumer Financial Protection Bureau Director Kathy Kraninger Wednesday on a number of credit union issues related to the pandemic. CUNA has been in constant contact with CFPB leadership and staff during the crisis.
CUNA supports the CFPB’s proposed rule on higher-priced mortgage loan exemptions which would exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for HPMLs.
The CFPB released the names of the latest Credit Union Advisory Council members Wednesday, and as in previous iterations of the CUAC all members come from CUNA-affiliated credit unions. The CUAC advises and consults with the CFPB on consumer financial issues related to credit unions.
CUNA generally supports the CFPB's proposal amending the definition of a General Qualified Mortgage and offered specific amendments to help credit unions in its comment letter filed this week. The proposal would, among other things, remove the 43% DTI cap and replace it with a price-based threshold.
The CFPB's first Tech Sprint will take place Oct. 5 to 9 and focus on developing a range of innovative approaches to electronically-delivered adverse action notices. Applications are due by Friday, Sept. 11.
The CFPB issued a report Monday examining the early effects of the COVID-19 pandemic on consumer credit that found consumers have not experienced significant increases in delinquency or other negative credit outcomes as reported in credit record data following the onset of the COVID-19 pandemic in the United States.
The CFPB Thursday issued a new analysis of the 2019 HMDA Data, the second in a series, covering the most comprehensive source of publicly available information on the mortgage market, and the only publicly-available source that provides nationwide application-level data on the demand and supply of mortgage credit.
Credit Union Magazine’s special 2020 Credit Union Rock Stars edition celebrates creative, innovative, and passionate professionals and volunteers working to advance the missions of their credit unions.