Durbin Bill

The Durbin Bill is a term used to refer to legislation currently in the US Senate that would let bankruptcy judges cut loan rates for borrowers. Recently, federal credit unions announced that they would not endorse the legislation. Democrats in the Senate, led by Durbin, have been negotiating with the banking industry on the bill, which passed the House last month. The main point currently being debated is which loans are covered by the provision and when the provision will expire.

The National Association of Federal Credit Unions said that they would not support Durbin’s proposal at this time until they get more details. The association “remains concerned about any legislation that includes broad cram-downs of all mortgages in bankruptcy,” President Fred Becker wrote in a letter to Durbin. Credit unions want Congress to define how second mortgages and private mortgage insurance contracts would be affected by the bill. Compass Technologies is a provider of consumer loan software and follows closely the lending industry. Please contact us for more information on the Durbin Bill.

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