Washington, DC, September 18, 2017 – The Community Mortgage Lenders of America (CMLA) today called on Treasury Secretary Steven Mnuchin to support targeted regulatory relief for small lenders. (view this Press Release as a pdf)
In a joint letter with the Community Home Lenders Association (CHLA) Secretary Mnuchin was asked to support targeted regulatory relief from supervision and enforcement of small lenders by the Consumer Financial Protection Bureau (CFPB) either through legislative or regulatory action.
In addition, the joint letter urged Administration support for a suspension of new regulations under the Home Mortgage Disclosure Act (HMDA) until a study could determine if sufficient safeguards were in place to protect confidential consumer financial information that the regulations required lenders to submit to the CFPB.
“Small lenders are grappling with constantly increasing regulatory compliance costs” stated CMLA Executive Director Glen Corso, “with limited means for absorbing those costs without increasing the pricing of their loans to consumers. In our letter to Secretary Mnuchin we identify two actions, elimination of duplicative regulatory oversight, and suspension of new HMDA collection, that could assist small lenders in their effort to maintain affordable mortgage costs for the consumers they serve. We call on the Secretary to take the necessary action on these requests.”