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Volume 28 - Number 10

May 8, 2017

CHOICE Act Would Interfere With Fixing CFPB Mortgage Rules: CMC

As the House Financial Services Committee prepared to begin marking up the Financial CHOICE Act last week, the Consumer Mortgage Coalition warned lawmakers that the bill would actually interfere with fixing the problems with the CFPB’s mortgage rules, despite the improvements it would otherwise make in the regulatory landscape. “A major problem facing the mortgage industry today is the Rube Goldberg morass of CFPB regulations that are so poorly written that no one knows how to comply,” the CMC said in a letter to lawmakers prior to the hearing. “The mortgage markets will not heal until the CFPB mortgage regulations are fixed. Fixing the regulations requires revising them through the normal notice and comment rulemaking process.” The problem, however, is ...

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