WASHINGTON — The House passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915), sponsored by Brad Miller (D-N.C.), with some amendments prior to adjourning for a two-week Thanksgiving recess.
The legislation passed by a vote of 291 to 127. Though 64 Republicans voted in favor of the bill, including House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.), all of the nay votes were Republicans.
CUNA Senior Vice President of Legislative Affairs John Magill emphasized, "Chairman Frank himself has said this legislation is not intended for credit unions, but for those who prey upon borrowers to make a quick buck. We agree with the bill's aim, but want to be sure it does not penalize CUs, which are not part of the problem the bill was meant to address."
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