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CBA Statement on QRM Proposal
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 credit and make it more readily available to home buyers. It is critical not to disrupt the marketplace for the funding and securitization of mortgages, and this proposal would go a long way toward that goal. It is a win for consumers and the still recovering housing industry.”
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.