ARLINGTON, Va.—The House Wednesday passed H.R. 1210, the “Portfolio Lending and Mortgage Access Act,” which allows residential mortgage loans held in portfolio by credit unions and other lenders to be treated as qualified mortgages (QM) for the purposes of the CFPB’s mortgage lending rules.
NAFCU thanked Financial Services Committee for providing CUs with regulatory relief.
“NAFCU and our members thank Rep. Andy Barr (R-KY), and Financial Services Committee Chairman Jeb Hensarling (R-TX) for their leadership and commitment to getting through the House this critical legislation,” said Thaler in a statement. “We strongly support this commonsense effort to provide credit unions and their 100 million member-owners regulatory relief and look forward to continuing to work with Congress to help advance this legislation.”