CBA Submits Comments on BCFP Adopted Regulations

June 20, 2018
Nick Simpson

CBA Submits Comments on BCFP Adopted Regulations

 

Washington, D.C. – The Consumer Bankers Association submitted comments to the Bureau of Consumer Financial Protection’s request for information on adopted regulations and new rulemaking authorities. In the letter, CBA focused on recommendations designed to promote consumer access to credit, encourage the use of digital channels and improve regulatory compliance.

 

“We applaud the Bureau’s openness to receiving public input regarding the substance of the adopted regulations,” CBA Vice President and Senior Counsel Dong Hong wrote. “A robust assessment of these regulations is timely and CBA’s members welcome changes to the rules that will allow them to serve their customers in a more efficient and effective manner.”

 

CBA’s comment letter provides specific recommendations for adopted regulations to improve the customer experience and functioning of consumer financial markets, specifically:

 

 - Mortgage Related Rules

  • Ability to Repay Rule and Qualified Mortgage Standards
  • Mortgage Servicing
  • Loan Originator Compensation Rule
  • TILA-RESPA integrated Disclosure (TRID) Rule

 

 - Non-Mortgage Rules

  • Remittance Rule
  • Prepaid Accounts
  • Larger Market Participant Rules
  • No-Action Letter Policy
  • Data Aggregation Principles

 

The full letter is available here.

 

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About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.