the ceo of ne community federal credit union. since 1988, she has been the ceo of northwest community federal credit union. under her watch, the credit union group to over 1600 members. it has become the national model for institutions seeking to provide financial education and banking services to the low- income communities. last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we shou

the drug running about the money laundering about the dealing with the enemy and credit unions small usually locally based savings groups have attracted almost twenty thousand new accounts in the past six months and building society saw seventy eight thousand new accounts and a huge surge was following the libel or manipulation scandal oh it's great to see people angry enough to move their money but when push comes to shove the government and the big five banks won't be allowed to acquire these other institutions as they need to acquire deposits to offset the fact that they have zero counter parties to make good on the obligations they made in various derivatives markets so unless you again let me reactor sizes and that's you're holding only keep money in paper that you're willing to lose the only money in gold and silver that you have is the only money you will have ever all paper claims are going to be worthless and twenty thirteen and now speaking of this global insurrection against banker occupation this is one thing you're starting to see with the populations around the world demanding to see at least an audit of t

the credit union lenders we talked about. some of the programs we're talking about the non-profit groups and others and the main lending community to be more confident about their ability to lend to homeowners and the market will support that and they won't have to compete against some. bottom of the barrel, abusive, misleading types of loans they were competing against. we're going have to see how the market evolves from here. >> thank you. >> brian cue kusack? terri hunt? good afternoon, my name is i'm the vice president of the national association of federal credit unions. i have hope we have credit union members here today? excellent. as you know, credit unions are charged with providing credit to this country. it's something that congress has specifically told us we need to do. i think that is a shared goal that we have with the cfpb. i want to thangt cfpb staff you have done. specifically at nacu. , my job is to make sure that our credit union members have rules they can live with, they can work with, that really help them do their job in lending to consumers, and i have work with your staff, we have expressed no concerns,

to open space for the kind of responsible community banks and credit unions lenders that we talked about, some of the of the programs were talking about, some of the nonprofit groups and others, and the main sending community to be more confident about their ability to lend home owners and that the market will support that and that they will have to compete against some of the bottom of barrel descent of abusive misleading types of loans that they were competing against. and then we're just going to to see how the market evolves from here. >> thank you. ryan cusick? terry hunt? >> good afternoon. my name is terry hunt and i'm the vice president of regulatory affairs for the national association of federal credit unions, i hope that some federal credit union members here today, yes, no? actually. as you know, credit unions are charged with providing credit to this country. some of that converse -- has told us that we need to do, and i think that is a shared goal that we have with the cfpb. i want to thank director cordray and all the cfpb staffer all the hard work that you've all done in this rule. specifically, my job is to make sure that our credit union members

the ability to repay rule, to create a special category of qualified mortgage loan made by smaller vendors such as community banks and credit unions. this proposal also contains measures to ensure that nonprofit groupsnd state housing agencies that led to low and moderate income families can continue to play a vital role in the housing market. these groups offer a valuable range of financing and support from down payment assistance to first-time homebuyer credit, the construction programs that build up communities one beam at a time. we look forward to considering your feedback which is been so helpful to us in resolving the many difficult challenges posed by the ability to repay rule. we've adopted today's rule after analyzing extensive comments and considerable data. we have listened to people with many different perspectives in stakes in housing and mortgage markets. we've met with large providers, small providers, community groups, consumer organizations and public officials from every branch and level of government. the work done by our team on this rule has been marked by their tremendous talent and dedication. and yet their work is not done. we have a responsibility not just to write a rule,

the bar were ability to repay. we will propose a further adjustment to create special categories of qualified mortgage loans made by smaller lenders like community banks and credit unions. this also insures that nonprofit groupsand state housing agencies that lend to low-income families can continue to play a vital role in the housing market. these groups offer a valuable range of financial support, from downpayment assistance to first- time home buyer programs to construction programs that build up communities, one been at a time. we look forward to considering your feedback which has been so helpful to us in resolving the difficult challenges posed by this rule. . afterpted this role examining in -- considerable data. --have listened to this peoppee small providers, large providers, community groups, consumer organizations, and officials from every branch of government. the work has been done by the tremendous talent and dedication -- and yet their work is not done. we have a responsibility not just to write a rule, but to see that land is put in place -- put in place to effectively sell its promise becomes reality. we also want to help lenders implemented smoothly, so we have hired a mortgage industry vete

the ability-to-repay rule to create a special category of qualified mortgage loans made by smaller lenders such as community banks and credit unions. this proposal also contains measures to ensure that nonprofit groupsat lend to low- and moderate-income families can continue to play a vital role in the housing market. these groups offer a valuable range of financing and support, from down-payment assistance to first-time homebuyer programs to construction programs that build up communities one beam at a time. we look forward to considering your feedback, which has been so helpful to us in resolving the many difficult challenges posed by the ability-to-repay rule. we have adopted today's rule after analyzing extensive comments and considerable data. we have listened to people with many different perspectives and stakes in the housing and mortgage markets. we have met with large providers, small providers, community groups, consumer organizations, and public officials from every branch and level of government. the work done by our team on this rule has been marked by their tremendous talent and dedication. and yet their work is not done. we have a responsibility not just to write a rule, but to see th