Skip to main content

MBA comments on House Financial Services Committee passage of CFPA

NationalMortgageProfessional.com
Oct 22, 2009

The Mortgage Bankers Association (MBA) has expressed serious concerns with legislation passed by the House Financial Services Committee that would create a consumer financial protection agency. MBA Chairman Robert E. Story Jr., issued the following statement: "For a number of years, MBA has been out front calling for tough, uniform national lending standards to protect consumers. Earlier this year, we came forth with our own proposal that would close the regulatory gaps by establishing a federal regulator for independent mortgage banks. "We regret that the committee rejected an approach that would have ensured that the consumer protections contained within the bill, and those implemented by the CFPA, would be a uniform national standard that would apply to all borrowers, regardless of where they live. Instead, the bill, as approved by the committee, would continue today's patchwork of state and local laws that present implementation challenges for lenders who operate in multiple states and lead to increased costs for consumers." "MBA has also expressed concern about the creation of a new government bureaucracy that could result in financial institutions facing conflicting regulatory guidance from two regulators--the CFPA and their existing prudential regulators. "A better approach would be to create a national regulator for mortgage banks that would regulate for both consumer protection and safety and soundness. Existing federal regulators could then be empowered to enforce consumer protections on the financial institutions they oversee." "Moving forward, MBA will continue to work to make these and other improvements to the bill in the hope of finding common ground on a consumer protection bill that we can support." For more information, visit MortgageBankers.org.  
Published
Oct 22, 2009
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021