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.
  • 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...
  • May 17, 2013
    Senate Set to Vote on Cordray On Tuesday, May 14, 2013, Majority Senate Leader Reid (D-NV) indicated he would be willing to give President Obama’s second-term Cabinet choices a vote on the floor prior to the Memorial Day recess. In this mix of Cabinet member appointees is the head of the CFPB, Director Richard Cordray. Although Senator Reid indicates a vote will happen, he may wait until the...
  • April 26, 2013
    CFPB Director Cordray Testifies Before Senate Banking Committee On Tuesday, April 23, 2013, CFPB Director Richard Cordray testified before the Senate Banking Committee on the CFPB’s Semi-Annual Report to Congress . The Committee discussed a number of pressing issues with Director Cordray, most notably, CFPB collection of “big data,” the consumer complaint database, indirect auto lending, student...
  • April 12, 2013
    CBA Requests Time and Guidance on Mortgage Rules On Wednesday, April 10, 2013, CBA along with several other trade associations sent a letter to Director Cordray requesting more time and guidance from the CFPB on the mortgage rules. The industry’s most urgent concern is the incredibly short period of time allowed to comply with the new mortgage rules. The problems associated with the short...

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