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.
  • 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...
  • July 24, 2014
    Washington, D.C. (July 24, 2014) – CBA’s General Counsel, Steve Zeisel, released the following statement after the Consumer Financial Protection Bureau issued a proposal to expand Home Mortgage Disclosure Act (HMDA) data collection fields: “The CFPB’s proposal will substantially increase the amount of publicly available information financial institutions must report on home mortgages. CBA will...
  • July 11, 2014
    Communications Working Group Launches CBA’s media relations team has been working with our member banks corporate communications teams to provide an edge on the issues and news coming out of our nation’s capital. On Wednesday, July 9, 2014, we held the first quarterly call of a new working group, open to all of our members. The call featured an update on what to expect from regulators and Capitol...
  • June 20, 2014
    Whistleblower Sheds Light on CFPB Issues On Wednesday June 18, 2014, the House Financial Services Subcommittee on Oversight and Investigations held a hearing entitled: “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Three.” While this hearing mainly focused on whistleblowers’ allegations of employment discrimination at the CFPB, testimony by Mr...
  • June 6, 2014
    CFPB Publishes Semi-Annual Report to Congress The CFPB issued its fifth Semi-Annual Report on May 28, 2014. Totaling 177 pages, the Report provides a detailed accounting of actions the Bureau has taken from October 1, 2013 through March 31, 2014. With considerable attention devoted to the consumer complaint process, the document also highlights issues regarding supervision, enforcement and...
  • 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 30, 2014
    CFPB Delays Timetable for Overdraft, Payday Rules The CFPB announced a semi-annual update to its rulemaking agenda , which sets out the Bureau’s regulatory plans. The agenda is provided by the Bureau to the Office of Management and Budget (OMB), and reflects the Bureau’s best estimate of its upcoming rulemaking activities. While we did not expect overdraft proposed rules in July, the February...

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