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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.
- January 10, 2014Today - 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...
- January 10, 2014December 20, 2013CFPB 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, 2013Washington, 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, 2013CFPB 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...November 1, 2013Senators Question CFPB’s Indirect Auto Lending Bulletin On October 30, 2013, Sens. Rob Portman (R-OH) and Jeanne Shaheen (D-NH) lead a bipartisan group of 22 Senators in a letter to CFPB Director Cordray regarding the Bureau’s March 21, 2013, bulletin on indirect auto lending. The letter echoes concerns raised this summer by members of the House of Representatives. The Senators call for...October 30, 2013Dear Sirs or Madams: The Consumer Bankers Association (CBA) appreciates the opportunity to comment on the credit risk retention proposal issued on August 28, 2013 by the Board of Governors of the Federal Reserve System, the Department of Housing and Urban Development, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the Securities and Exchange Commission (the “...October 30, 2013Dear Commissioner Galante: The undersigned Associations are grateful for the important work of the Department of Housing and Urban Development (HUD) in developing a proposed rule to define a Qualified Mortgage (QM) for purposes of the Federal Housing Administration (FHA) Insured and Guaranteed Single Family Mortgage Program. Absent such a definition, we believe many consumers would be needlessly...October 25, 2013CFPB Issues Remittance Exam Procedures On Tuesday, October 22, 2013, the CFPB announced the publication of exam procedures and a small entity guide for the remittance rules, which take effect on October 28, 2013. The CFPB also announced the launch of an eRegulations tool, a web-based version of the Bureau’s rules. Regulation E, including the remittance rule, is the first regulation to be included...October 25, 2013Roundtable Meetings CBA hosted 2 ½ days of exclusive Executive Roundtable sessions this week. We had an impressive and diverse group representing 16 of our member banks and 1 prospective member. Thank you to our guest speakers: Reps. Blaine Luetkemeyer (R-MO), and Patrick Murphy (D-FL); Jaret Seiberg, Guggenheim Partners; and Bart Shapiro, Offit Kurman Law Firm. None of this could have been...