Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, April 25, 2012

CFPB SBREFA Panel on Mortgage Servicing Rules

The CFPB, on Monday, convened its second Small Business Regulatory Enforcement Fairness Act (SBREFA) Panel to solicit information on the impact on small institutions and servicers of mortgage servicing rules under consideration by the Bureau.

The Dodd-Frank Act requires CFPB to convene a SBREFA Panel whenever a rule under consideration may have a “significant economic impact on a substantial number of small entities.” The Panel meets with selected Small Entity Representatives (SERs), to solicit feedback on the potential economic impacts of complying with the rules being considered and to explore less burdensome regulatory alternatives.

At the meeting, CFPB heard from twelve SERs representing community banks, credit unions, small servicers, and one small nonbank mortgage lender, who described in detail the “high touch” mortgage servicing model of community banks and explained how the prescriptive servicing rules under consideration would negatively affect consumers, servicing operations, and the cost of credit. In addition to participating in the convening meeting, SERs have the opportunity to provide written comments which are due in May.

Within 60 days of the convening meeting, the Panel must issue a report on the input received from small entities. The CFPB, in turn, must consider the Panel’s report as it drafts its proposed rule. The Bureau intends to finalize its mortgage servicing rule by January 2013.

View the Outline of Proposals Under Consideration.
View a list of discussion questions from the Panel meeting.

1 comment:

Ahmad Abdullah said...
This comment has been removed by a blog administrator.

Post a Comment

Please read our comment policy before making a comment.