Many of you have asked if the National Association of Mortgage Brokers (NAMB) has changed its position regarding the Home Valuation Code of Conduct (HVCC). The answer is a resounding “No!” We still believe that the HVCC is harmful to the consumer, to the mortgage broker, to the independent appraiser and to the economy.Read more

The National Association of Mortgage Brokers (NAMB) has submitted comments to the Federal Reserve Board (The Board) on the Proposed Rule amending Regulation Z. NAMB commends the Board for its efforts to fix problems that exist in the mortgage market, however certain aspects of the Proposed Rule will impede competition, fail to reflect the most current and authoritative research, and/or do not consider the most effective and least burdensome alternatives.Read more

The Consumer Financial Protection Agency (CFPA) is on the way and its gestation stage will not be as long as many expect.¹ Although its nascence will endure the inevitable crucible of politics churned out by the Congress, federal and state regulatory bodies, bank and non-bank industry lobbyists, and eminent legal scholars,² the actors in this drama seem to argue, at one extreme, for a CFPA with robust oversight and regulatory enforcement authorities, and, at the other extreme, some kind of oversight agency that reviRead more

CCH Principal Securities Law Analyst Jim Hamilton, JD, and CCH Analyst Richard Roth, JD, have authored a new white paper, Senate Banking Committee Releases Draft Legislation: Restoring American Financial Stability Act of 2009. This is the latest version of legislation aimed at fundamental regulatory reform of the U.S. financial and securities markets. CCH is part of Wolters Kluwer Law & Business, a leading provider of research information and software solutions in key specialty areas for legal and business professionals (business.cch.com).Read more

Democratic Connecticut Senator Christopher Dodd has announced that he will stay on as chairman of the Senate Committee on Banking, Housing and Urban Affairs, where he will continue to lead the fight in the Senate for financial regulatory reform and consumer protection. As a senior member of the Senate Committee on Health, Education, Labor and Pensions (HELP), and as Chairman Edward Kennedy’s chief deputy on the Affordable Health Choices Act, Dodd will continue to lead the HELP Committee’s efforts in reforming our nation’s healthcare system to make health coverage moreRead more