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.
  • March 14, 2014
    CFPB to Hold Field Hearing on Payday Loans The CFPB has announced it will hold a field hearing in Nashville, TN on Tuesday, March 25, 2014 to discuss payday loans. The hearing will include remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The event, to take place at the Nashville Public Library Auditorium,...
  • February 21, 2014
    CFPB and Congresswoman Waters Critical of Mortgage Servicing On Tuesday, February 19, 2014, Rep. Maxine Waters (D-CA), the Ranking Member of the House Financial Services Committee, sent a letter regarding the sale of mortgage servicing rights (MSRs) from banks to nonbank servicers. The letter was addressed to Thomas Curry, Comptroller of the Currency, OCC, and Joseph Smith, Jr., Office of...
  • February 7, 2014
    Re: Request for Information Regarding the Mortgage Loan Closing Process – Docket No. CFPB – 2013- 0036 Dear Ms. Jackson: The Consumer Bankers Association (CBA) appreciates the opportunity to comment on the Consumer Financial Protection Bureau’s (CFPB’s) request for information on the mortgage loan closing process. Specifically, the CFPB is requesting information on key consumer “pain points”...
  • February 7, 2014
    CFPB Takes First Step in Expanding HMDA Requirements On Friday, February 7, 2014, the CFPB announced its first step in the Home Mortgage Disclosure Act (HMDA) rulemaking process by convening a Small Business Review, or SBREFA, panel to solicit feedback from small lenders. This first step is required under the Small Business Regulatory Enforcement Fairness Act (SBREFA), and the Dodd-Frank Act...
  • January 28, 2014
    Dear Leaders Reid and McConnell: The undersigned organizations, representing the financial services industry, share the public policy goal of ensuring homeowners have adequate coverage in place to protect against and recover from flood damage, and submit this letter in support of Senator Hagan’s amendment to the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). Senator Hagan’s amendment...
  • January 10, 2014
    Today - Early Bird Registration for CBA LIVE 2014 Early bird registration for CBA LIVE 2014 ends today , so register before 9:00 p.m. EST and save $300 on attending the premier conference event in retail banking. We are just a couple of short months away from CBA LIVE where we will hear from former Homeland Security Secretary Tom Ridge on current and emerging cyber threats, Chris Gardner on...
  • December 20, 2013
    CFPB and DOJ Issue Enforcement Action for Auto Lending Practices On Friday, December 20, 2013, the CFPB and DOJ issued enforcement action against Ally Bank for auto lending practices, specifically discrimination in connection with dealer reserve compensation. Ally will pay $80 million to consumers, pay to hire a settlement administrator to distribute funds to victims, and monitor dealer reserve...
  • November 20, 2013
    Washington, D.C. (November 20, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, released the following response to the Consumer Financial Protection Bureau’s (CFPB) completion of merging the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures: “The CFPB has now concluded the long and difficult process of merging the TILA and RESPA...
  • November 8, 2013
    CFPB Issues ANPR on Debt Collection On Tuesday, November 6, 2013, the CFPB released an Advanced Notice of Proposed Rulemaking (ANPR) to gather information about the debt collection system. The ANPR follows a joint Federal Trade Commission-CFPB industry roundtable held in June 2013 and a field hearing in July 2013, where the Bureau first expressed its intent to issue regulations related to debt...

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