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 17, 2014
    White House Announces Action on Data Security and Consumer Financial Transactions On Friday, October 17, 2014, the President signed an Executive Order directing the government to lead by example in securing transactions and sensitive data. The BuySecure Initiative is intended to provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving...
  • October 10, 2014
    CFPB Holds Forum on Checking Account Access On Wednesday, October 8, 2014, the CFPB held a forum on access to checking accounts. The event featured remarks from CFPB Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. The CFPB's stated goal of the forum was to learn more about how the checking account...
  • October 3, 2014
    CFPB Issues Report on Loans for Manufactured Housing On Tuesday, September 30, 2014, the CFPB issued a report on the manufactured housing market, owner demographic, and loan terms. The Bureau found the median age of manufactured-home owners to be 53, with most living in rural areas and possessing a low net worth. Borrowers of manufactured home loans pay a higher interest rate than borrowers whose...
  • September 26, 2014
    CFPB Announces Project Catalyst Pilot On Thursday, September 25, 2014, the CFPB announced a research pilot titled Project Catalyst to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. "Managing credit card debt can be stressful for consumers and will affect their ability to access credit in the future," said CFPB...
  • September 5, 2014
    Possible Home Depot Breach Bigger than Target? The end of the Labor Day holiday came with some unsettling news – a possible massive breach of consumer data at retailer Home Depot. According to KrebsonSecurity, the breach may have impacted data from all 2,200 stores across the U.S. We all recall the breach at Target earlier this year, which resulted in the compromising of 40 million payment card...
  • September 5, 2014
    CFPB Eyes Credit Card Interest Rate Promotions On Wednesday, September 3, 2014, the CFPB issued a bulletin cautioning credit card issuers on interest rate promotions to consumers. "Credit card offers that lure in consumers and hit them with surprise charges are against the law," said CFPB Director Richard Cordray, alluding to marketing practices by credit card companies when providing "grace...
  • August 29, 2014
    Consumer Finance Optimism Drops in July The CBA/AOL monthly Finance Optimism Index dropped back into negative territory to -3.0 for July 2014. The drop of 6.8 points follows the first positive results for the index since January 2014. Contributing factors to this decline include turmoil across the globe, increased concern about personal financial outlooks, and a decrease in positive economic news...
  • August 15, 2014
    CFPB Takes Action against Mortgage Lender for Deceptive Practices On Tuesday, August 12, 2014, the CFPB ordered Amerisave and its affiliate to pay $14.8 million in compensation to consumers, as well as a $4.5 million penalty for "engaging in a deceptive bait-and-switch mortgage-lending scheme." The Bureau claims Amerisave advertised misleading interest rates and illegally overcharged for...
  • August 15, 2014
    Is $20 Billion the New $10 Billion? The retail banking industry is very familiar with banks taking steps not to pass the $10 billion asset mark in order to avoid the associated massive regulatory and compliance costs. Consider Cathy Nash who sold Citizens Republic Bancorp when it reached $9.7 billion in assets to FirstMerit in 2012. Now there is another reason – the cut in interchange fees. The...

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