The mortgage industry’s top trade group is urging the Consumer Financial Protection Bureau (CFPB) to continue limiting the use of “sub-regulatory” tools to engage in rulemaking overreach.
At the same time, the Mortgage Bankers Association (MBA) is advocating for more robust efforts at modernizing core mortgage regulations that could lower borrowing costs for a spectrum of industry participants.
“MBA agrees with the aim of the strategic plan to concentrate the CFPB’s resources on identifying and addressing pressing threats to consumers, reversing instances of regulatory overreach, and lowering the compliance and liability costs associated with consumer financial products,” the trade group stated in a letter sent to bureau leadership on Frida...