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.
  • September 20, 2013
    CFPB Finalizes Additional Changes to Mortgage Rules On Friday, September 13, 2013, the CFPB finalized several amendments to the mortgage lending and servicing rules released earlier this year. The Bureau announced the proposed amendments in June in response to questions and suggestions from industry participants. The rules go into effect in January of 2014. The amendments are as follows:...
  • August 28, 2013
    Washington, D.C. (August 28, 2013) – Richard Hunt, President/CEO of the Consumer Bankers Association, issued the following statement after the Fed, FDIC, OCC, FHFA, SEC, and HUD released a second inter-agency credit risk retention proposal implementing section 941 of the Dodd-Frank Act: “Today’s proposal aligning Qualified Residential Mortgages with the CFPB’s QM rule will help reduce the cost of...
  • August 23, 2013
    CFPB 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, 2013
    This 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, 2013
    CBA 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, 2013
    Dear 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, 2013
    Senate 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...

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