Mortgage reg relief bill passes House

Credit unions received a victory this week when the U.S. House passed, on a voice vote, H.R. 1408, a bill that requires the NCUA, along with its counterparts, to jointly study the appropriate capital requirements for mortgage servicing assets for financial institutions. The measure passed on a voice vote. Specifically for credit unions, H.R. 1408 […]

Credit unions received a victory this week when the U.S. House passed, on a voice vote, H.R. 14082000px-Seal_of_the_United_States_House_of_Representatives.svg, a bill that requires the NCUA, along with its counterparts, to jointly study the appropriate capital requirements for mortgage servicing assets for financial institutions. The measure passed on a voice vote.

Specifically for credit unions, H.R. 1408 will not allow for regulations to implement the proposed rule of the NCUA for risk-based capital with respect to mortgage servicing assets for nonsystemic banking institutions from taking effect until three months after the report on the study is issued to Congress.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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