Skip to main content

ALTA Satisfied With Cordray Seeking Public Input for CFPB

NationalMortgageProfessional.com
Jun 19, 2014

The American Land Title Association (ALTA) has announced that they are encouraged by comments made by Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), that the Bureau is considering issuing more public advisory opinions to help businesses better understand and comply with regulatory requirements. Cordray testified before the House Financial Services Committee during a hearing titled The Semi-Annual Report of the Consumer Financial Protection Bureau. During the hearing, Rep. Ed Royce (R-CA) asked Cordray if the Bureau has a procedure to receive questions from regulated institutions and provide participants in the market with some certainty that they’re following the law. “While laws and regulations make sense to the people who write them, it's often less clear to those who are working to provide products and services to consumers in a compliant way,” said Michelle Korsmo, ALTA’s chief executive officer. “The issuance of advisory opinions should happen sooner than later as they are one of the best vehicles in the regulatory process to provide answers to real-life confusion.” In addition to public advisory opinions, ALTA suggests the CFPB encourage public input on policy statements, bulletins and other guidance documents. “In the same way people would benefit from specific answers in advisory opinions, the regulators benefit from comments on policy statements, bulletins, and other guidance documents,” Korsmo said. “If these tools are meant to restate existing law, public feedback is the best way for the Bureau to learn about questions business leaders may have on how to comply.” The issuance of advisory opinions and encouraging public feedback on policy statements and bulletins were both suggestions ALTA President Rob Chapman made in May during a hearing before the Financial Institutions and Consumer Credit subcommittee of the House Committee on Financial Services titled Legislative Proposals to Improve Transparency and Accountability at the Consumer Financial Protection Bureau.
Published
Jun 19, 2014
2023 Conforming Loan Limit Tops $1M For High-Cost Areas

FHFA said the baseline conforming loan limit will increase 12% next year.

Regulation and Compliance
Nov 29, 2022
FHA Extends Waivers To Its HECM Loss-Mitigation Policies 

Extension applies to senior borrowers affected by COVID-19.

Regulation and Compliance
Nov 28, 2022
N.J. Real Estate Developer, Lawyer Admit To Mortgage Fraud

Plead guilty to defrauding Fannie Mae, insurers of over $3.5 million.

Regulation and Compliance
Nov 28, 2022
Strength In Numbers

Seeking advice from the CFPB

Regulation and Compliance
Nov 21, 2022
HUD OKs Private Flood Insurance Options For Homeowners 

FHA to allow private flood insurance policies on insured single-family mortgages in special flood hazard areas.

Regulation and Compliance
Nov 21, 2022
Targeted Pricing Changes Could Be ‘Marginal’

Former U.S. housing official expects little impact from new FHFA policy

Regulation and Compliance
Nov 21, 2022