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 25, 2014
    CFPB Releases Mortgage Closing Report In a report released on Wednesday, April 23, 2014, the CFPB found many consumers feel pressured by lenders to rush through the closing process and sign documents even when they did not fully understand the terms. The Bureau listed three major “pain points” for consumers during the closing process, which included: Not enough time to review : Consumers were...
  • April 25, 2014
    CBA/AOL March Finance Optimism Index Results: Partly Cloudy Results for the CBA/AOL Finance Optimism Index show a decline for the second month in row. Consumer polling in March showed a -6.2 level of optimism, compared to -2.6 last month - a decline of 3.6 points - as Americans grow more concerned about their current financial situation. With the impending tax deadline in April, consumers were...
  • April 8, 2014
    Dear 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,...
  • 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...

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