July 11, 2017

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HPC: CFPB Should Withdraw and Reissue RFI Regarding 2013 RESPA Servicing Rule Assessment

HPC believes that the proposed assessment, as described in the RFI, is based upon a deficient application of the Dodd-Frank Act requirements and we respectfully request that CFPB withdraw the RFI for reformulation and re-issuance.

HPC: CFPB Should Withdraw and Reissue RFI Regarding 2013 RESPA Servicing Rule Assessment
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HPC: CFPB Should Withdraw and Reissue RFI Regarding 2013 RESPA Servicing Rule Assessment

Calls for new methodology to consider effect on consumers, servicers and the marketplace

 

WASHINGTON – The Housing Policy Council (HPC) of the Financial Services Roundtable (FSR) sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the Bureau to withdraw and reissue its Request for Information (RFI) regarding the 2013 RESPA Servicing Rule assessment.

“HPC believes that the proposed assessment, as described in the RFI, is based upon a deficient application of the Dodd-Frank Act requirements and we respectfully request that CFPB withdraw the RFI for reformulation and reissuance,” HPC President Ed DeMarco wrote.

“We believe that the Bureau framed its statutory obligations in this RFI very narrowly and that this framing produces a flawed assessment methodology. The RFI truncates the full set of objectives that CFPB must incorporate into its assessment plan; instead of relying on the complete list of five objectives established by the Dodd-Frank Act, CFPB focuses solely on its own four regulatory purposes,” DeMarco noted.

HPC believes reconfiguring the proposed methodology would enable the Bureau to assess the effectiveness of the Rule more broadly and consider its effect on consumers, servicers and the marketplace.

 

To read HPC’s full letter click here.

 

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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