The National Association of Federal Credit Unions is meeting with the head of the Consumer Financial Protection Bureau Tuesday to discuss the qualified mortgage rule.
The rule stems from the Dodd-Frank Act and is expected to be finalized and released by the CFPB in January.
The NAFCU, which represents the nation’s federal credit unions, is actively challenging any Dodd-Frank rulemaking proposals that could curtail the effectiveness and competiveness of credit unions.
Specifically, in the past, the NAFCU has gone on the record pushing the CFPB for a qualified mortgage rule with bright-line standards and a safe-harbor from ability-to-repay litigation when a financial firm follows and meets all of the lending provisions outlined by the soon-to-be-released QM rule.
“This meeting will also afford NAFCU the opportunity to present its concerns regarding the impact of the CFPB on small credit unions,” the association said Tuesday.
