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.
  • 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...
  • June 28, 2013
    Supreme 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, 2013
    House 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, 2013
    INTEREST 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, 2013
    CFPB 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/...
  • June 7, 2013
    CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...
  • June 4, 2013
    Dear Secretary Donovan and Director Cordray: The undersigned trade associations (the “Associations”) submit this letter to request written guidance that includes a clear safe harbor from liability in areas where multiple federal mortgage standards conflict. The Department of Housing and Urban Development (“HUD”) recently finalized a regulation under the Fair Housing Act that expressly provides...
  • June 3, 2013
    Dear Ms. Jackson: The Consumer Bankers Association (CBA) appreciates the opportunity to submit comments in response to the proposed clarifications to the mortgage rules that were issued in January of this year. These clarifications address certain issues arising under the Ability to Repay (ATR)/Qualified Mortgage (QM) Rule and the Servicing Rule. Specifically, these proposed changes and...
  • May 24, 2013
    Senate Postpones Nominee Votes On Tuesday, May 21, 2013, Senate Majority Leader Harry Reid (D-NV) indicated he would delay until July the confirmation vote of Richard Cordray to lead the CFPB until July. Leader Reid will bring additional stalled presidential nominees into the fold after the Senate completes immigration reform legislation. Republicans are sure to attempt blocking the vote, by not...

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