Washington - National Association of Federal Credit Unions (NAFCU) President and CEO Fred R. Becker Jr. today issued the following statement regarding the National Credit Union Administration’s (NCUA) action on regulatory relief for ‘small credit unions’, ‘higher-priced’ mortgage loans, and ‘troubled condition.’
“NAFCU appreciates that the NCUA increased the threshold for what constitutes a 'small credit union.' But the agency should have increased the maximum asset size of a credit union considered 'small' further to $175 million, as NAFCU has strongly urged, to ease the regulatory burden on many more credit unions.
“We have a number of concerns regarding the ‘higher-priced’ mortgage rule. We urged the NCUA and CFPB to refrain from moving forward with this rulemaking at this time, but at the very least to include additional exemptions for certain types and classes of loans. Unfortunately, this rulemaking, especially when combined with the other mortgage-related rules that are currently being finalized, could fundamentally change credit unions’ mortgage lending and negatively impact credit union members.
“Regarding the ‘troubled condition’ rule, we appreciate the agency’s efforts to seek consistency and address developments affecting the share insurance fund. As a general rule, we will continue to encourage NCUA to seek avenues to ensure the safety and soundness of the fund.”
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