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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 28, 2013August 23, 2013CFPB Highlights Supervisory Issues On Wednesday, August 21, 2013, the Consumer Financial Protection Bureau (CFPB) issued a press release in connection with Supervisory Highlights for August. Issues cited in the release include bank and nonbank mortgage servicing, detailing problems with account transfers, poor payment processing and servicers’ loss mitigation processes. Most notably, the CFPB...August 16, 2013This Week's Court Hearing on Interchange Fees U.S. District Court Judge Richard Leon held a hearing Wednesday to discuss moving forward in the matter of NACS v. Board of Governors of the Federal Reserve System. As noted here before, on July 31, 2013, Judge Leon struck down the Board's current rules on interchange fees for debit card transactions, in place since late 2011. Leon ordered the Board...July 26, 2013CBA Files Comment Letter on Mortgage Rules On Monday, July 22, 2013, CBA filed a comment letter with the CFPB concerning the agency’s proposed clarifications and revisions of the mortgage rules issued in January. Specifically, the CFPB’s proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures under the servicing rules; (2) amounts counted as mortgage...July 22, 2013Dear Ms. Jackson: The Consumer Bankers Association (CBA) appreciates the opportunity to submit comments to the Consumer Financial Protection Bureau (CFPB) in response to the proposed clarifications and revisions to certain of the mortgage rules issued in January of this year. Specifically, these proposed changes and clarifications address: (1) the loss mitigation and error resolution procedures...July 12, 2013Senate Rules Change Could Help Cordray be Confirmed Senate Majority Leader Harry Reid (D-NV) and Senate Minority Leader Mitch McConnell (R-KY) continued a heavy debate this week over the so-called “nuclear option.” Current Senate rules allow for Executive Branch nominees to be filibustered, forcing a 60 vote majority from the Senate for a confirmation. Traditionally, the Senate requires 67 votes...June 28, 2013Supreme Court to Hear Recess Appointment Case On Monday, June 24, 2013, the Supreme Court agreed to hear a case that indirectly questions the validity of Richard Cordray as director of the CFPB. The case, Noel Canning v. NLRB , challenges the President’s recess appointment of several members of the National Labor Relations Board (NLRB). In January 2013, the US Court of Appeals for the District of...June 21, 2013House Financial Services Subcommittee Hears Testimony on the CFPB’s Budget On Tuesday, June 18, 2013, the House Financial Services Subcommittee on Oversight and Investigations met regarding the CFPB’s Budget for FY 2013. CFPB Chief Financial Officer Mr. Stephen Agostini testified on behalf of the Bureau. The Committee Chairman, Jeb Hensarling (R-TX) still refuses to hear testimony from Director...June 17, 2013INTEREST OF AMICI CURIAE The American Bankers Association (“ABA”), headquartered in Washington, D.C., is the principal national trade association of the financial services industry. The ABA’s members, located in each of the 50 states, the District of Columbia, and Puerto Rico, include financial institutions of all sizes. ABA members hold a majority of the domestic assets of the banking industry...June 14, 2013CFPB Releases Initial Findings on Overdraft and Non-sufficient Funds On Tuesday, June 11, 2013, the CFPB released a report entitled “ CFPB Study of Overdraft programs – A white paper of initial data findings .” As referenced in the white paper, the CFPB intends to refine its inquiry in to overdraft services based on the findings in this first report. A follow up report is expected in late 2013/...