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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 15, 2014CFPB 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...
- July 26, 2014July 24, 2014Washington, 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, 2014Communications 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, 2014Whistleblower 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, 2014CFPB 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, 2014CFPB 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...May 30, 2014Federal 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, 2014CBA 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, 2014House 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...