In a letter to the regulatory agency
based on a recent Request for Input, the MBA proposed launching what it dubbed the Housing Finance Advisory Council, which would offer the CFPB advice and consultation on policies related to housing finance. The trade group proposed council membership consisting of a variety of mortgage lenders, servicers and subservicers, consumer groups and trade associations. The MBA added that this new council would offer representation that is missing from the four advisory groups currently within the CFPB: The Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council and the Academic Research Council.
“External engagement is an essential and mutually beneficial strategic function that results in better-informed and more effective policies, projects, programs and services,” wrote MBA President and Chief Executive Officer David H. Stevens
, CMB. “Effective stakeholder engagement provides Bureau decision makers with access to critical industry information and expertise. As a ‘data-driven agency,' access to this information is essential.”