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.
  • May 26, 2015
    Think it’s too early to get ready for changes to the Home Mortgage Disclosure Act? At the Consumer Bankers Association’s CBA Live conference, Michelle Anderson, senior manager of Ernst & Young LLP, and Marc Fisher, managing director and head of lending compliance at MUFG Bank, N.A., discussed ways in which market participants can get ahead of implementing changes for compliance.
  • May 15, 2015
    CFPB Holds Hearing, Seeks Info on Student Loan Servicing On Thursday, May 14, 2015, the CFPB announced a new public survey on student loan servicing practices and held a field hearing in Milwaukee, to discuss some of its recent market observations. The Bureau highlighted concerns it previously raised regarding student loan servicing, evaluating an array of issues from the way borrowers...
  • May 13, 2015
    May 13, 2015 Department of the Treasury, Office of the Comptroller of the Currency; 12 CFR Chapter I; Docket ID FFIEC–2014–0001 Federal Reserve System; 12 CFR Chapter II; Docket No. R–1510 Federal Deposit Insurance Corporation; 12 CFR Chapter III Re: Regulatory Publication and Review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996; Notice of regulatory review; request for...
  • May 5, 2015
    May 5, 2015 The Honorable Steve Pearce The Honorable Brad Sherman United States Representative United States Representative 2432 Rayburn House Office Building 2242 Rayburn House Office Building Washington, DC 20515 Washington, DC 20515 Dear Representatives Pearce and Sherman: The undersigned organizations thank you for introducing H.R. 2213, which will provide a reasonable hold-harmless period...
  • April 17, 2015
    CFPB Issues Rule Temporarily Suspending Obligation to Submit Card Agreements On Wednesday, April 15, 2015, the CFPB issued a final rule temporarily suspending the requirement for certain credit card issuers to send their agreements to the CFPB on a quarterly basis. The Bureau had been publishing the agreements in a public database on its website. Other requirements, including card issuers'...
  • April 10, 2015
    CFPB's TRID Rule Fast Approaching With the TILA-RESPA Integrated Disclosure (TRID) rule just around the corner, our member banks are concerned about the impact of a short turnaround time, especially given the small window for testing and training. I have spoken with some members whose vendors have had to push back their delivery dates, making the matter more difficult. CBA is encouraging the CFPB...
  • April 10, 2015
    Bureau Issues Consent Order for Mortgage Advertisements On Thursday, April 9, 2015, the CFPB entered into a consent order with RMK Financial Corporation, also doing business as Majestic Home Loans, to resolve allegations of deceptive mortgage advertising. As a result of the order, RMK will be prohibited from falsely implying government affiliation in future advertisements and pay $250,000 in...
  • April 7, 2015
    April 7, 2015 Desk Officer for the Department of Homeland Security Federal Emergency Management Agency Office of Information and Regulatory Affairs Office of Management and Budget Sent via electronic mail at oira.submission@omb.eop.gov Re: Docket ID: FEMA-2014-0034, OMB No. 1660-0040 Dear Desk Officer: The undersigned trade associations appreciate this additional opportunity to comment on FEMA’s...
  • April 3, 2015
    CBA Comments on Prepaid Proposed Rule On Friday, March 20, 2015, CBA and the Financial Services Roundtable submitted a comment letter to the CFPB regarding proposed rulemaking on prepaid products. The groups stressed the importance of avoiding regulation that increases costs and decreases availability because such impacts are likely to be felt most acutely by consumers who are least able to...
  • March 30, 2015
    So you've watched your home equity holdings grow steadily since the end of the recession and now you want to tap into that wealth to fund a remodeling, college tuition or some other worthy but cash-consuming project? Join the crowd. Home equity lines of credit, by far the most popular way to turn equity into cash, are booming again -- up by 36 percent in the past 12 months alone, according to the...

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