Join Us for a Dialogue with CFPB Regional Director Edwin Chow
January 28, 2013
Before the ink dries on the CFPB’s rules implementing the Dodd-Frank mortgage requirements, your Association wants you to have an opportunity for face-to-face dialogue with Edwin Chow, the agency’s regional director.
Join us on Feb. 4 from 3-4 p.m. at Pacific NW Ironworkers Federal Credit Union, located just five minutes from Portland International Airport, for your chance to get your concerns adressed, as well as to advocate for beneficial changes to these rules prior to when they go into effect. This event is sponsored by the NWCUA for members at no cost.
While the comment period on the new rules is over, the implementation process will take up to a year for some of the rules’ more controversial aspects.
“We still have an opportunity to advocate for beneficial changes to these rules,” said NWCUA Director of Legislative Advocacy John Trull. “I heard from one of our credit unions last week, for example, that the balloon payment issue could cost his credit union a third of its mortgage business. Another lending officer aptly pointed out that members who should qualify for the best rates might not under the new rules. The concern is that young, first-time buyers will be squeezed out of the market. The CFPB needs to hear this!”
“The CFPB has demonstrated before that our concerns are taken seriously. If you think back to the Remittance Transfer Rule and the safe harbors in the Ability to Repay final rule, you’ll note that purposed rules were amended prior to implementation. We cannot promise any flexibility to these rules, but we know there won’t be any changes if we remain silent.”
Posted in Events.