mr. daniel j. weickenand to the committee this morning. since 2010 mr. weickenand has served as president and chief executive officer of federal orion federal credit union in memphis, tennessee. orion is the largest credit union in west tennessee. i was pleased to host mr. weickenand at a credit union roundtable discussion back in november which included the qualified mortgage rule. today mr. weickenand is here representing the national association of federal credit unions. where he serves as a board member. madam chair it's a pleasure to have mr. weickenand appear on this panel today and i appreciate his taking the time to express views with qualified mortgage before the committee. thank you, and i yield back. >> thank you mr. weickenand you're recognized for five minutes. >> thank you. good morning. chairman capito, ranking member meeks and member of the committee. my name is daniel weickenand. i serve as ceo of orion federal credit union in memphis, tennessee. we appreciate the opportunity to discuss the cfpbs ability to repay rule and the impact quali

mr. weickenand, it sounds like amendments are continuing to improve qm and you all are happy with it. my question is timing. with new clarifications as late as last fall, does that timing put you -- do you feel like you need an extension to ensure that you get it right or do you think that that would just put you at a disadvantage? >> we're a small shop. i've got 68 full-time equivalent employees and seven offices we have to manage. we have all hands on deck today from our mortgage lenders, our commercial lenders trying to figure out everything we need to do with the new mortgage regulations. more time would be very helpful. we also have to see how software vendors -- they may put in fixes but we need to make sure we know how that integrates. multisoftwa software vendors ha integrate with one another. it's difficult trying to do anything else other than trying to comply with qm and regulations that go with it. >> do you think that holds true for all community bankers? >> yes, i believe it does. >> i would agree with confusion that's out there trying to communicate and educate your emp