WASHINGTON—CUNA Tuesday sent two letters to Congress, one urging support for H.R. 1210 and another asking for Congressional action on the FCC’s Telephone Consumer Protection Act (TCPA) Order.
H.R. 1210, the Portfolio Lending and Mortgage Access Act, would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for purposes of the Consumer Financial Protection Bureau’s mortgage lending rules.
“Treating loans that financial institutions hold on their balance sheets as a QM loans is appropriate, because the lender retains all of the risk involved with these mortgages and is subject to significant safety and soundness supervision from its prudential regulator,” CUNA stated in a letter to the House signed by CUNA President and CEO Jim Nussle.
For the complete letter, available in CUToday.info’s The Gov section, click here.
In a letter to the House Communications and Technology Subcommittee, CUNA urged Congress to take action on the FCC’s TCPA Order. In a letter signed by Nussle, CUNA stated that the FCC not only ignored the petition and comments of several industries, but far exceeded the scope of the authority Congress granted it.
For the complete letter, available in CUToday.info’s The Gov section, click here.
Meanwhile, NAFCU Vice President of Legislative Affairs Brad Thaler has sent a letter to members of the conference committee on H.R. 22, the "Surface Transportation Reauthorization and Reform Act of 2015."
In the letter, Thaler urges the conference committee "to maintain the Hensarling amendment with financial services regulatory relief provisions passed as part of H.R. 22 in the final conference committee report."
Among the provisions in the Hensarling amendment is H.R. 601, the "Eliminate Privacy Notice Confusion Act."
"This important bipartisan legislation would reduce an unnecessary regulatory burden for credit unions...This legislation would both remove the requirement to send annual privacy notices if a credit union’s privacy policy has not changed and ensure that credit unions make privacy notices readily available to members," Thaler wrote.