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Government Affairs Update: CFPB Future and Legislative Developments

This Government Affairs update explores critical topics affecting the financial sector, including the future of Consumer Financial Protection Bureau (CFPB) loan officer compensation and current legislative implications of Qualified Residential Mortgage (QRM) and Qualified Mortgage (QM) regulations. Additionally, it addresses the recent developments regarding the Federal Deposit Insurance Corporation (FDIC) and broker buybacks in the context of the CFPB's operations. Notably, President Obama appointed Richard Cordray to lead the CFPB, while GOP members vowed to block any appointments, regardless of party affiliation.

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Government Affairs Update: CFPB Future and Legislative Developments

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  1. Government Affairs update

  2. TOPICS IN PRESENTATION Future of CFPB LO Compensation QRM/QM Legislation FDIC - Broker Buybacks
  3. CFPB On July 17, 2011 President Obama picks Richard Cordray to Lead the CFPB GOP Vows to Block Any Appointee Regardless of Party Affiliation What Happens If No Director Is Confirmed, Recess Appointment?
  4. What CAN The CFPB Do Without A Director Examine Banks With More Than $10 Billion In Assets, Which Account For 65% Of All Mortgages Enforce Credit Card Laws and May Create New Rules Finish Crafting Rules From Making Mortgages Without Verifying Income & Assets Create New Rules & Crack Down On Bank Fees, Checking Accounts Etc
  5. What The CFPB CANNOT Do Without A Director The Agency Cannot Take Up New Powers Created By Dodd-Frank, Such As Regulating Non-Banks That Engage in Consumer Financial Services Activities, Such As Payday Lenders & MORTGAGE BROKERS, or Banning Financial Products Because They Are Abusive or Deceptive
  6. Where Are We On LO Comp Congressional Hearing on July 13, 2011 Misconception on Consumer Paid, NO CHANGE from April 6, 2011 Congressman Miller Introduces HR 2509
  7. HR 2509
  8. HR 2509
  9. HR 2509
  10. QRM/QM *Hot Topic On The Hill *Majority Of Industry Opposed
  11. QRM 20% Down payment DTI ratios not to Exceed 28/36 No 30 Day Late Payments in The Last 12 Months No 60 Day late Payments in The Last 24 Months No Bankruptcy, Foreclosure or State/Federal Judgment or Collection of any unpaid debt in the preceding 36 months Hard Wired Numerically Based on LTV, Down Payment & DTI Ratios
  12. QM Provides Product & Underwriting Standards That Are NOT Numerically Based Set Criteria for Income & Asset Documentation and the Ability To Repay FHA, VA, USDA/RD & GSE’s are Exempt, GSE exemption only while under Conservatorship 5% Retention, Welcome Back Sub-Prime??
  13. NAMB on QRM/QM
  14. MBA RESEARCH
  15. MBA RESEARCH
  16. MBA RESEARCH
  17. WHAT WE ARE HEARING ON THE HILL August is anon-eventful except for possible DEBT ceiling Negotiations. New GSE bill from Garrett, Biggert and Henserling – will not be back stopped by taxpayers! Fall is appropriations time – opportunities here. QRM 4% TO 5% Down Payment, Barney Frank Suggestion. Richard Cordray Will Not Be Confirmed, President Recess Appointment? Likely Middle of August.
  18. WILL DODD-FRANK SURVIVE GOP Determined to Dismantle Dodd-Frank What About The Senate? Senate Liberals are Dug in for any fight. President would likely Veto if it gained any Political Points for the 2012 Elections ie will not retreat from consumer protections… SO, a 60 vote margin would be needed in the Senate to sustain a Veto from OBAMA
  19. FDIC Going After Brokers? Law Firm out of California seeking restitution from Brokers NAMB has a meeting scheduled to discuss this with the Senior Council at the FDIC Let us know if you get contacted Mainly Stated Income loans NAMB feels they don’t have a cause except for blatant Fraud
  20. WHERE DO WE GO FROM HERE We Must UNITE, Went From 60% Market Share to 6% NAMB Has been Representing Mortgage Professionals for 38 Years, Since 1973 Membership HAS TO GROW NAMB is Always Invited to the Table We Will Survive if We Unite Help Us Get Back To 30,000 Members So We Can Be Even Stronger & Bring back Staff Etc IT’S UP TO YOU & TOGETHER WE WILL WIN
  21. Thank YouQuestions?
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