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 30, 2014
    Federal Reserve OIG and CFPB Announce New Website On Tuesday, May 27, 2013, the Office of the Inspector General for the Board of Governors of the Federal Reserve System (Board) and the CFPB launched a new public website . The Inspector General for the Board and the CFPB, Mark Bialek, said the “redesign is just one example of our commitment to continuous improvement” and asserted the new site “...
  • May 9, 2014
    CBA Issues Comment Letter on CFPB’s Debt Collection Survey Proposal On Tuesday, May 6, 2014, CBA issued a comment letter to the CFPB in response to its proposed consumer debt collection survey. The Bureau requested public comment on a proposal to mail a survey to consumers in an effort to learn about their experiences interacting with the debt collection industry. While CBA strongly supports the...
  • May 2, 2014
    House Financial Services Committee Votes to Subpoena CFPB Over Discrimination Allegations On Tuesday, April 29, 2014, the House Financial Services Subcommittee on Oversight and Investigations met to consider testimony regarding allegations of discrimination at the CFPB. The CFPB and the National Treasury Employees Union (NTEU) did not allow Bureau officials to appear as witnesses at a...
  • May 2, 2014
    Earnings Season Wraps Up This week wrapped up the quarterly earnings reports of CBA’s member banks. Mortgage lending and overall revenue continues to lag, prompting M&T Bank CEO Robert Wilmers to state: “Too many banks are competing for too few loans in an economy that continues to be characterized by slow and uneven growth.” This is a sentiment shared by other bank CEOs including BB&T’s...
  • April 25, 2014
    CFPB Releases Mortgage Closing Report In a report released on Wednesday, April 23, 2014, the CFPB found many consumers feel pressured by lenders to rush through the closing process and sign documents even when they did not fully understand the terms. The Bureau listed three major “pain points” for consumers during the closing process, which included: Not enough time to review : Consumers were...
  • April 25, 2014
    CBA/AOL March Finance Optimism Index Results: Partly Cloudy Results for the CBA/AOL Finance Optimism Index show a decline for the second month in row. Consumer polling in March showed a -6.2 level of optimism, compared to -2.6 last month - a decline of 3.6 points - as Americans grow more concerned about their current financial situation. With the impending tax deadline in April, consumers were...
  • April 8, 2014
    Dear Chairman Hensarling and Ranking Member Waters: The Consumer Bankers Association (CBA)1 commends you for calling today’s hearing to examine the current regulatory landscape of our financial services industry and appreciates your continued oversight of the rules and regulations governing financial institutions. Even as the U.S. banking industry faces an unprecedented regulatory environment,...

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