Mortgage and Home Equity

Mortgage and home equity products have received increased regulatory and legislative scrutiny over the past few years. Historically, CBA has focused on home equity as a major retail product of our members. However, the Dodd-Frank Act’s elimination of federal preemption standards previously afforded to operational subsidiaries has forced many depository institutions to internalize their primary mortgage products, making them a more traditional retail issue. CBA is focused primarily on the efforts of the CFPB to regulate in this space, including TILA-RESPA reform, Qualified Mortgage (QM) rulemaking, and Dodd-Frank Title 14 rulemaking.
  • November 20, 2015
    CFPB Releases Updates to Rulemaking Agenda On Friday, November 20, 2015, the CFPB released its semiannual rulemaking agenda as part of the federal government's Unified Agenda of Regulatory and Deregulatory Actions. Part of the CFPB's mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. The agenda includes rulemaking...
  • November 10, 2015
    Washington, D.C. (November 10, 2015) – In honor of the service and sacrifice our nation’s active duty service members, veterans and their families, the retail banking industry has committed to a number of programs to help them as they continue their missions or transition to civilian life. These programs include job training and hiring, small business funding, affordable housing, and financial...
  • October 27, 2015
    Wisconsin Republican Paul D. Ryan’s likely ascent to the House speakership may mean a dramatic change for the banking and financial services industries. They consider him an ally, and though Ryan has been noncommittal on questions of concern to banks, including tax issues, he would take with him expertise from the Ways and Means Committee he now chairs. He also is close to House Financial...
  • October 23, 2015
    Bureau's Consumer Advisory Board Talks LEP Consumers, Arbitration On Thursday, October 22, 2015, the CFPB Consumer Advisory Board met to discuss ways to serve limited English proficiency (LEP) consumers and the agency's recent arbitration actions. The Bureau indicated its Education and Engagement Division published a Glossary of Financial Terms and Newcomer Guides in different languages to help...
  • October 16, 2015
    CFPB Finalizes HMDA Rule On Thursday afternoon, the Bureau finalized its rule and reporting requirements for the Home Mortgage Disclosure Act (HMDA). Though I haven't yet made it through the nearly 800-page rule , here are some key points—both good and bad—to note. The good : It seems the CFPB learned from the TILA-RESPA Integrated Disclosure (TRID) fiasco by permitting generous implementation...
  • October 16, 2015
    CFPB Student Loan Ombudsman Issues Annual Report On October 14, 2015, Acting CFPB Student Loan Ombudsman Seth Frotman issued the Student Loan Ombudsman Annual Report , which included an analysis of student lending related complaints submitted between October 1, 2014 and September 30, 2015. The report focused on the repayment rates of private loans guaranteed by the federal government through the...
  • October 9, 2015
    Clinton Lays Out Financial Reform Plan Ahead of the first Democratic Presidential Debate, this Tuesday, October 13, 2015, presidential candidate Secretary Hillary Clinton released a financial regulatory reform plan entitled: "Wall Street Should Work for Main Street." With her regulatory plan, Secretary Clinton aims to defend Dodd-Frank and reduce dangerous risks in the financial system, hold both...
  • October 5, 2015
    October 5, 2015 United States House of Representatives Washington, DC 20515 Dear Representative: On behalf of the undersigned organizations, we urge you to support H.R. 3192, the Homebuyers Assistance Act. This legislation will provide an official hold-harmless period until February 1, 2016, for those making a good-faith effort to comply with the Consumer Financial Protection Bureau’s (CFPB) new...
  • October 5, 2015
    No. 15-1177 IN THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT PHH CORPORATION, ET AL., Petitioners, vs. CONSUMER FINANCIAL PROTECTION BUREAU, Respondent. On Appeal from the Consumer Financial Protection Bureau, Docket No. 2014-CFPB-002 BRIEF FOR AM I CI CURIAE AMERICAN FINANCIAL SERVICES ASSOCIATION, CONSUMER BANKERS ASSOCIATION, HOUSING POLICY COUNCIL OF THE FINANCIAL...
  • October 2, 2015
    Bipartisan Support Lifts CFPB Commission Bill Out of House Financial Services Committee I am happy to share the House Financial Services Committee passed the Financial Product Safety Commission Act of 2015 (H.R. 1266), a chief CBA priority, which establishes a bipartisan, five-member commission at the CFPB. For the first time, thanks in part to outstanding trade coordination efforts, the...

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