July 6, 2012 – Consumer and market perspectives on the Dodd-Frank Act’s residential mortgage reforms will be discussed in a hearing Wednesday by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
The Dodd-Frank Act calls for combining the mortgage disclosures required by the Truth in Lending Act and Real Estate Settlement Procedures Act. The Consumer Financial Protection Bureau has been working on this issue since the bureau’s inception, and NAFCU has been in ongoing communications with the CFPB staff and officials throughout in its effort to mitigate the regulatory burden for credit unions.
The Subcommittee on Insurance, Housing and Community Opportunity held a hearing on the CFPB’s efforts last month.
The CFPB is due to release proposed rules this month to go with its draft proposed mortgage disclosure forms.
In other hearings Tuesday, the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises holds a hearing on the Dodd-Frank Act’s impact on “customers, credit and job creators.”
The Senate Banking Committee holds a hearing the same day on developing the framework for safe and efficient mobile payments. Witnesses include:
- Michael Katz, Sarin Chair in Strategy and Leadership, Professor of Economics, University of California, Berkeley;
- Sarah Jane Hughes, University Scholar and Fellow in Commercial Law, Maurer School of Law, University of Indiana; and
- Thomas Brown, Adjunct Professor, University of California, Berkeley School of Law.
The Senate Finance Committee will also hold a tax-reform hearing (see story).