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.
  • 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 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 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...
  • 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...

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