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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.
- April 8, 2014Dear 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,...
- April 3, 2014April 3, 2014April 2, 2014March 14, 2014CFPB 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, 2014CFPB 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, 2014Re: 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, 2014CFPB 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, 2014Dear 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, 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...