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NAFCU Says Adopting Proposed Illustrations Now Would Be a 'Leap of Faith'

NAFCU President Fred Becker, in response to NCUA's request for comment on the Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products and the Proposed Illustrations that were simultaneously issued with the Interagency Guidance Regarding Nontraditional Mortgage Products by the five federal regulatory agencies, has written NCUA and expressed his...

By Staff Writer | Updated on December 19, 2006

ARLINGTON, Va. — NAFCU President Fred Becker, in response to NCUA’s request for comment on the Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products and the Proposed Illustrations that were simultaneously issued with the Interagency Guidance Regarding Nontraditional Mortgage Products by the five federal regulatory agencies, has written NCUA and expressed his concern that use of the Proposed Illustrations will become mandatory even though the agencies have explained they’re only meant to be examples.

“NAFCU generally supports the Proposed Illustrations as demonstrations of ways to provide information to credit union members,” Becker wrote in his letter to NCUA Secretary of the Board Mary Rupp.

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