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.
  • July 31, 2015
    Inspector General Study on CFPB Complaint Portal Finds Inadequacies On Thursday, July 23, 2015, the Office of the Inspector General (OIG) for the CFPB and Federal Reserve Board finalized the Security Control Review of the CFPB’s Data Team Complaint Database. The OIG it will not release the full report due to the sensitive nature of the information, but instead published a summary of conclusions...
  • July 27, 2015
    Following years of retrenchment, the home equity line of credit is finally showing signs of life. Line origination is expected to approach $80 billion among all U.S. lenders this year, nearly double the 2012 nadir. And balance growth is becoming more widespread as institutions shake off the recession detritus of non-performing loans. This does not mark a return to business as usual, however...
  • July 27, 2015
    July 27, 2015 The Honorable Jeb Hensarling The Honorable Maxine Waters Chairman Ranking Member House Financial Services Committee House Financial Services Committee 2149 Rayburn House Office Building B301C Rayburn House Office Building Washington, D.C. 20515 Washington, D.C. 20515 Dear Chairman Hensarling and Ranking Member Waters: The undersigned organizations urge you to pass H.R. 3192, the...
  • July 22, 2015
    The consumer protection body, which regulates consumer lending, has published annual complaint reports since its inception four years ago. Previously, Anotakes was the state banking commissioner in Massachusetts. “They’re basically in the shaming of banks business by providing what I call a “David Letterman Top 10 List” of complaints”, says Richard Hunt, president of the Consumer Bankers...
  • July 22, 2015
    The CFPB will provide additional information in the coming weeks about acting responsibilities for both the deputy director and SEFL associate director roles, Cordray said. Handling consumer complaints related to issues like debt collections and banking services is a key part of its mission. Experian PLC, Equifax Inc. and Bank of America drew more consumer complaints to theConsumer Financial...
  • July 14, 2015
    NAMB—The Association of Mortgage Professionals has announced that a large group of housing and mortgage industry trade groups have come together in support of S. 1711, a bill that would provide for a temporary safe harbor, or hold-harmless period, from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act (RESPA) and...
  • July 13, 2015
    July 13, 2015 The Honorable Tim Scott The Honorable Joe Donnelly Dear Senators Scott and Donnelly: The undersigned organizations thank you for introducing S. 1711, a bipartisan companion bill to H.R. 2213, which will provide a reasonable hold-harmless period through the end of the year following the October 3 effective date of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated...
  • July 10, 2015
    CFPB Cites Problems with Student Loan Servicing for Members of the Military On Tuesday, July 7, 2015, the CFPB released a report entitled: "Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform." The report, by the Bureau's Assistant Director of Office of Servicemember Affairs Holli Petraeus, and Seth Frotman, the Acting CFPB Student Loan Ombudsman,...
  • July 7, 2015
    July 7, 2015 Ms. Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street, NW Washington, DC 20552 Re: Docket No. CFPB-2015-0029 Dear Ms. Jackson: On behalf of the Consumer Bankers Association (CBA) [1] , we are writing to support the extension in the implementation period for the TILA-RESPA Integrated Disclosure (TRID) from August 1 to October 3,...
  • June 26, 2015
    CFPB Releases Supervisory Highlights On Tuesday, June 23, 2015 the CFPB released its eighth edition of the Supervisory Highlights , which specifically addressed areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending. According to the CFPB, the recent supervisory resolutions have resulted in remediation of approximately $11...

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