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.
  • 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...
  • June 26, 2015
    Action-Packed Week at CBA Headquarters We had a spectacular week at CBA Headquarters with our Board of Directors and the Mid-Tier Retail Executives in Washington, D.C. On Tuesday morning, CBA's Mid-Tier Retail Executives held their in-person meeting to discuss the latest issues impacting CBA member banks with $10-50 billion in assets. That afternoon, both the Board and Mid-Tiers joined efforts to...
  • June 17, 2015
    Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to today’s news from CFPB Director, Richard Cordray, that the Bureau will delay the effective date of the CFPB’s TILA-RESPA Integrated Disclosure (TRID) regulation: “The Director’s decision to delay the effective date of TRID will help the industry as it...
  • June 10, 2015
    June 9, 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. 2213, which...
  • June 5, 2015
    IGs Assess Coordination among Regulators On Thursday, June 4, 2015, the Inspectors General for the FDIC, OCC, National Credit Union Administration (NCUA), Federal Reserve (Fed) and CFPB (OIGs) issued a report assessing the level of coordination among the prudential regulators and the CFPB. The evaluation was prompted by a March 20, 2013 hearing before the House Financial Services Subcommittee on...
  • June 4, 2015
    American Bankers Association American Financial Services Association Community Home Lenders Association Consumer Bankers Association Consumer Mortgage Coalition Council for Affordable and Rural Housing Credit Union National Association Housing Policy Council of the Financial Services Roundtable Independent Community Bankers of America Mortgage Bankers Association National Affordable Housing...
  • June 3, 2015
    The CFPB gave little ground in its pledge Wednesday to be "sensitive" to lenders that make a "good-faith effort" to comply with new mortgage disclosure rules that go into effect in August. The agency's statements fell short of a formal grace period that the industry and lawmakers had been demanding.
  • June 3, 2015
    Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to today’s news from CFPB Director, Richard Cordray, that the Bureau’s enforcement will be sensitive to those mortgage lenders seeking to comply in good faith with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) regulation: “As the industry approaches the...
  • May 29, 2015
    TRID: 295 Members of Congress Join Our Call A bipartisan, bicameral group of legislators (dozens of Democrats, including Maxine Waters of California, a long-standing supporter of the CFPB) sent letters to CFPB Director Richard Cordray late last week urging him to offer a hold-harmless period for those making a good faith effort to comply with the CFPB’s TILA/RESPA Integrated Disclosures (TRID)...
  • May 29, 2015
    CFPB, DOJ Target Discretionary Broker Fees On Thursday, May 28, 2015, the CFPB, in conjunction with the DOJ, announced the agencies filed a lawsuit in California against Provident Funding Associates for allegedly charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. In addition to the complaint, the agencies filed a proposed order which would require Provident...

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