The CFPB and other federal defendants have filed to dismiss a legal challenge to the bureaus authority to identify unfair, deceptive, or abusive acts or practices, and the related assertion that President Obamas appointment of Richard Cordray as director of the bureau was invalid because the Senate allegedly was not in recess at the time of the appointment. The case is State National Bank of Big Spring, et al., v. Neal S. Wolin, in his official capacity as Acting United States Secretary of the Treasury and ex officio Chairperson...
The National Association of Federal Credit Unions urged the CFPB to make sure the bureaus integrated disclosures on mortgage loans under the Truth in Lending Act and Real Estate Settlement Procedures Act are useful to consumers and impose as little burden as possible on credit unions. NAFCU Senior Regulatory Affairs Counsel Tessema Tefferi wrote to the CFPB about its proposal to conduct quantitative testing in fiscal years 2013 and 2014 of the performance of the current vs. proposed disclosures. NAFCU lodged serious concerns...
The Mortgage Bankers Association has asked the CFPB to clarify whether mortgages subject to repurchase demands will lose their qualified mortgage status under the bureaus new ability-to-repay rule. The rule does not address whether loans that are subject to repurchase demands will lose their QM status based on deficiencies, the industry trade group said in a comment letter filed with the CFPB recently. MBA strongly believes they should not, absent fraud. However, clarification is needed. The Consumer Mortgage Coalition...
The Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators and the American Council of State Savings Supervisors submitted a joint comment letter to the bureau expressing strong support for the CFPBs proposed small-creditor amendment, which was issued along with the ability-to-repay final rule back in January. CSBS, AARMR and ACSSS have a long-standing policy that regulations should not hinder an insured depository institutions willingness to engage in portfolio lending, and...