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CBA Statement on CFPB Mortgage Rules Deadline
Washington, D.C. (January 7, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in advance of several new Consumer Financial Protection Bureau (CFPB) mortgage rules which are set take effect on January 10, 2014:
“CBA’s retail banks have been working around the clock to comply with the CFPB’s historic mandate on new mortgage rules. Throughout this process, we have appreciated the CFPB listening to industry concerns, especially as to the definition of a ‘qualified mortgage,’ in order for lenders to have ‘safe harbor’ protection from liability for most of these loans. CBA’s retail banks remain committed to helping their customers realize their dream of homeownership, and we hope these new rules will not restrict mortgage credit to consumers. CBA looks forward to working with the CFPB to ensure the mortgage loan market remains strong and available to those consumers who seek to become homeowners.”
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.