THE CMLA Applauds Kraninger Confirmation –
Calls on CPFB Director to Fully Implement Tiered Regulation for Smaller Independent Mortgage Bankers (IMBs) – as Required by Dodd-Frank
Contact: Ed F. Wallace, Jr PhD For Immediate Release
770-330-5176 December 6, 2018
Ed F. Wallace, Jr. PhD, Executive Director of The Community Mortgage Lenders of America (THE CMLA), today released the following statement in response to Senate confirmation of Kathy Kraninger to be the Director of the CFPB:
“THE CMLA applauds the Senate for ratifying the nomination of Kathy Kraninger to be the new full-time CFPB Director – and recommences its call for the CFPB to fully implement the Dodd-Frank requirement for regulation tiered by size, to address the regulatory burden on small IMBs.”
In May, THE CMLA submitted a CFPB comment letter calling attention to the requirement in Dodd-Frank for the CFPB to tier regulation by size, volume, risk, and extent of state regulation – by calling for a small IMB exam exemption similar to the exemption enjoyed by 99% of banks and credit unions.