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Posts Tagged ‘national association of federal credit unions’

Distinguished Speaker Line-up Set for Credit Union Congressional Caucus

September 4th, 2015 Comments off

natio_asoc_fed_credit_unio_nafcuThe National Association of Federal Credit Unions (NAFCU) Congressional Caucus is the association’s credit union lobbying event of the year, bringing hundreds of credit union representatives from all across the country to meet with lawmakers and earn about legislation that may affect them and their members.

The Congressional Caucus sponsors include Triad Financial Services, NAFCU Services Corporation, MasterCard, CUNA Mutual Group, FHLBank Atlanta and Geezeo, as cuinsight informs MHProNews.

Speakers for the event, set for Sept. 14-17, 2015 in Washington, include Sen. David Vitter, (D-LA), a member of the Senate Banking Committee and chairman of the Small Business and Entrepreneurship Committee; Rep. James Clyburn (D-SC), assistant democratic leader of the House; Rep. William Lacy Clay, (D-MO) a senior member of the House Financial Services Committee and the ranking member on the Financial Institutions and Consumer Credit Subcommittee; Rep. Krysten Sinema, (D-AZ), a member of the House Financial Services Committee and lead democratic co-sponsor of NAFCU-backed H.R. 2287, the “National Credit Union Administration Budget Transparency Act,” and National Credit Union Administration (NCUA) Director of the Office of Consumer Protection Gail Laster.

In addition speakers will also include Rep. Patrick McHenry, (R-NC), the U.S. House Chief Deputy Majority Whip and vice chairman of the House Financial Services Committee; and Maria Contreras-Sweet, administrator of the Small Business Administration. ##

(Image credit: National Association of Federal Credit Unions)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.matthew-silver-daily-business-news-mhpronews-com

Effects of Qualified Mortgage Rule Discussed Two Days in

January 13th, 2014 Comments off

The House Financial Services Committee (HFSC) will hold a hearing Tuesday morning, Jan. 14, 2014, on the effects of the Qualified Mortgage rule that became law two days before the scheduled session. HSFC Chairman Jeb Hensarling (R-TX) has long opposed the Dodd-Frank Act, saying the regulations unduly tighten credit for borrowers. He would do away with the government-sponsored enterprises (GSEs), MHProNews has learned, saying they keep out private lenders, which would be a better regulator of lending standards. The Subcommittee on Financial Institutions and Consumer Credit’s hearing, entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule,” will feature representatives from the Independent Community Bankers of America, the Mortgage Bankers Association (MBA), and the National Association of Federal Credit Unions (NAFCU), according to housingwire.com.

(Image credit: House Financial Services Committee)

Credit Unions to Reduce Lending

May 20th, 2013 Comments off

The nationalmortgagenews reports in a survey of credit unions responding to the QM Rule issued by the Consumer Financial Protection Bureau (CFPB), 44 percent say they will no longer originate non-qualified mortgages and another 44 percent will reduce originations. In the survey conducted by the National Association of Federal Credit Unions (NAFCU) and CU Monitor Survey, 51.2 percent say they have begun adhering to the new rules in anticipation of the Jan. 2014 implementation date; 37.5 percent originated loans in 2012 that would not meet the QM criteria. The 76.2 percent of respondents that service mortgages expect the CFPB’s mortgage servicing requirements to run around $10k in initial costs and ongoing expenses, while 11.5 percent expect initial setup above $50k. Of the 23.3 percent who applied for a waiver 89 percent were granted, but 41.7 percent say the process was difficult. As MHProNews reported here May 16, in a speech to the National Association of Realtors (NAR), CFPB Director Richard Cordray said credit unions have a tradition of making good loans that may not qualify under the QM Rule, and they should continue doing so with borrowers that present a reasonable risk.

(Image credit: hansfax)

Credit Unions Testify at Senate Banking Hearing

March 6th, 2012 Comments off

The Senate Banking Committee was told by the National Association of Federal Credit Unions (NAFCU) of their opposition to mortgage reform that would eliminate the federal guarantee on mortgages through Fannie Mae and Freddie Mac and other GSEs (government-sponsored enterprises). The plan originally endorsed by the Obama administration would promote privitization of the secondary mortgage market, and the NAFCU fears the big banks who already compete with the smaller lenders for loan origination may dominate the secondary sector as well. The plan would also increase the fees Fannie and Freddie charge for mortgage guarantees, as well as eliminate the two lenders from business. NationalMortgageNews tells MHUProNews.com while the proposal does have strong Republican support, the White House and the Democrats are stepping back because of the impact resulting from a too-quick shutdown of the two GSEs, especially since they hold 90 percent of single-family mortgages.

(Photo credit: Wikipedia)