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.
  • September 25, 2015
    CFPB, DOJ Order Hudson City Savings Bank to Pay $27 Million on Mortgage Access On Thursday, September 24, 2015, the CFPB and the U.S. Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for alleged redlining practices, denying residents in predominantly Black and Hispanic neighborhoods fair access to mortgage loans. The complaint filed by the CFPB and DOJ alleges...
  • September 24, 2015
    Federal officials reached a settlement with Hudson City Bancorp Inc. over allegations that the Paramus, N.J., lender intentionally withheld mortgages from minorities, signaling renewed interest in an area that drew focus decades ago. The Justice Department said Thursday there could be more cases to come against banks over a practice known as “redlining,” which was barred after an outcry in the...
  • September 21, 2015
    Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on bigger issues. Nearly 20 trade groups representing lenders, banks, credit unions, title companies and others are urging federal regulators to provide guidance on how they plan to enforce a new mortgage disclosure regime that goes into effect Oct. 3. The implementation of the...
  • September 18, 2015
    CFPB Develops New Tools for Consumers Shopping for a Mortgage On Thursday, September 17, 2015, the CFPB released new online tools under its "Know Before You Owe" initiative to help consumers shopping for a mortgage. The new tools are designed to help consumers decide if they are ready to purchase a home, how to get a mortgage, obtain an offer, and close the transaction. "Our new mortgage forms...
  • September 8, 2015
    September 8, 2015 By electronic delivery to: Re: FFIEC Requested Action on TRID Lady and Gentlemen: The undersigned trade associations write with great urgency regarding implementation and examination issues stemming from the TILA/RESPA Integrated Disclosure (TRID) rule effective on October 3, 2015. In official issuances and communications to Congress, the Consumer Financial Protection Bureau (...
  • September 3, 2015
    Following the launch of a complaint database managed by the Consumer Financial Protection Bureau (CFPB), mortgage industry players are seeking some changes to the way complaints are collected and displayed to the public. The complaint database has been met with much opposition among businesses and political leaders since its inception, most recently for the way in which it processes and displays...
  • September 2, 2015
    The mortgage finance industry is still not happy with theConsumer Financial Protection Bureau and its consumer complaint narrative database, which publishes unvetted and unverified anonymous complaints against specific companies. The database published by the CFPB contains complaints from consumers about companies, and the only verification is that there was a transaction between the complaining...
  • August 14, 2015
    Agencies Take Action Against Citizens On Wednesday, August 12, 2015, the CFPB, FDIC and OCC entered into a consent order with Citizens Bank for allegedly failing to credit consumers the full amounts of their deposited funds. The agencies claim, between January 1, 2008 and November 30, 2013, the bank kept money from deposit discrepancies when receipts did not match the actual money transferred...
  • August 7, 2015
    Another Constitutionality Challenge Filed Against the CFPB PHH Corporation on Friday, June 26, 2015 filed a Motion for Stay Pending Judicial Review with the D.C. Circuit Court of Appeals (Court) seeking to stay a final action of the CFPB scheduled to take effect on Wednesday, August 5, 2015. On Monday, August 3, 2015, the Court granted PHH's motion, finding the company had "satisfied the...
  • August 7, 2015
    CFPB and the Question of Constitutionality "The constitutionality of the CFPB's structure is now on track for its first review by a federal appeals court. This is going to be interesting," wrote Alison Frankel for Reuters on Tuesday, August 4, 2015. The day before, the motions panel of the District of Columbia U.S. Circuit Court of Appeals granted PHH Corporation's motion, finding the company had...

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