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

The House Financial Services Committee (HFSC) has approved HR 3126, the “Consumer Financial Protection Agency Act of 2009” by a vote of 39-29.  The National Association of Mortgage Brokers (NAMB) commends and appreciates the participation of its membership in the Calls-to-Action by contacting representatives and urging them to vote for specific amendments to the bill. Two important amendments offered impacted the Home Valuation Code of Conduct (HVCC) and the Real Estate Settlement Procedures Act (RESPA).Read more

The National Association of Mortgage Brokers (NAMB) President Jim Pair has issued a letter to House Financial Services Committee member Rep. Walter Minnick (D) of Idaho to show support to vote for an amendment to HR 3126. HR 3126, better known as the Consumer Financial Protection Agency Act of 2009, was submitted by Reps. Travis Childers (D) of Mississippi and Gary Miller (R) of California. The full text of the letter is posted below.

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Take action now! Call your House Financial Services Committee representative and ask him or her to support the following three amendments to HR 3126, the “Consumer Financial Protection Agency Act of 2009.” This bill is currently being considered by the House Financial Services Committee.Read more

In an Oct. 14 letter to the U.S. Committee on Financial Services, Reps. Barney Frank and Spencer Bachus, the National Association of Mortgage Brokers (NAMB), along with the American Bankers Association, Consumer Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable, Housing Policy Council, Mortgage Bankers Association, National Association of Federal Credit Unions and the Real Estate Services Providers Council Inc., have shown their support for an initiative by Rep. Judy Biggert that would stagger the U.S.Read more

With the coming of fall, we will experience many changes, and I don’t mean only in the weather … Congress has concluded its summer recess and has returned to Washington, D.C. Without going into detail on each issue, the following are a few issues that the National Association of Mortgage Brokers (NAMB) is working on.Read more

The Mortgage Bankers Association (MBA) has announced that they have sent a letter to House Financial Services Committee Chairman Barney Frank and Ranking Member Spencer Bachus outlining the association's concerns with HR 3126, The Consumer Financial Services Protection Agency (CFPA) Act. Chief among those concerns is that the bill fails to empower the CFPA to establish uniform national standards that will regulate all lenders, and protect all borrowers consistently, regardless of where they live. Read more