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.
  • October 29, 2014
    Ms. Monica Jackson Office of the Executive Secretary
 Consumer Financial Protection Bureau 1700 G Street NW Washington, D.C. 20552 Re: Request for Comment on Proposed Amendments to Regulation C to Implement Amendments to Home Mortgage Disclosure Act, Docket No. CFPB-2014-0019 Dear Ms. Jackson: The Consumer Bankers Association (“CBA”), [1] American Bankers Association (“ABA”), [2] Financial...
  • October 24, 2014
    CFPB Proposes a Language Access Plan On Thursday, October 23, 2014, the CFPB announced a proposed Language Access Plan , which seeks to expand the availability of financial information to those members of the public who have difficulty with the English language. According to the U.S. Census Bureau, about 24 million people in the United States say they don't speak English "very well." The Language...
  • October 17, 2014
    White House Announces Action on Data Security and Consumer Financial Transactions On Friday, October 17, 2014, the President signed an Executive Order directing the government to lead by example in securing transactions and sensitive data. The BuySecure Initiative is intended to provide consumers with more tools to secure their financial future by assisting victims of identity theft, improving...
  • October 10, 2014
    CFPB Holds Forum on Checking Account Access On Wednesday, October 8, 2014, the CFPB held a forum on access to checking accounts. The event featured remarks from CFPB Director Richard Cordray, as well as presentations from consumer groups, federal and local government officials, and industry representatives. The CFPB's stated goal of the forum was to learn more about how the checking account...
  • October 3, 2014
    CFPB Issues Report on Loans for Manufactured Housing On Tuesday, September 30, 2014, the CFPB issued a report on the manufactured housing market, owner demographic, and loan terms. The Bureau found the median age of manufactured-home owners to be 53, with most living in rural areas and possessing a low net worth. Borrowers of manufactured home loans pay a higher interest rate than borrowers whose...
  • September 26, 2014
    CFPB Announces Project Catalyst Pilot On Thursday, September 25, 2014, the CFPB announced a research pilot titled Project Catalyst to examine the effectiveness of early intervention credit counseling for consumers who are at risk of default on their credit card debt. "Managing credit card debt can be stressful for consumers and will affect their ability to access credit in the future," said CFPB...
  • September 5, 2014
    CFPB Eyes Credit Card Interest Rate Promotions On Wednesday, September 3, 2014, the CFPB issued a bulletin cautioning credit card issuers on interest rate promotions to consumers. "Credit card offers that lure in consumers and hit them with surprise charges are against the law," said CFPB Director Richard Cordray, alluding to marketing practices by credit card companies when providing "grace...
  • September 5, 2014
    Possible Home Depot Breach Bigger than Target? The end of the Labor Day holiday came with some unsettling news – a possible massive breach of consumer data at retailer Home Depot. According to KrebsonSecurity, the breach may have impacted data from all 2,200 stores across the U.S. We all recall the breach at Target earlier this year, which resulted in the compromising of 40 million payment card...

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