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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.
- May 16, 2013May 12, 2013April 26, 2013CFPB 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, 2013CBA 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...April 11, 2013April 11, 2013April 10, 2013Dear Director Cordray: The Consumer Bankers Association, the American Bankers Association, The Financial Services Roundtable3 and its Housing Policy Council4 (collectively, the “Associations”) respectfully submit to the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) this letter on complying with the Bureau’s new mortgage rules. In order to ensure the new rules achievope their intended...April 6, 2013April 5, 2013CFPB Announces Enforcement Action Against Mortgage Insurers On Thursday, April 4, 2013 the CFPB announced enforcement actions against four mortgage insurers to end what the bureau described as “improper kickbacks paid by mortgage insurers to mortgage lenders.” The proposed orders requires the mortgage insurers to pay more than $15 million in penalties to the CFPB. The orders also require...April 5, 2013