ALTA, Other Housing Industry Trade Groups Call for CFPB Director to Be Replaced by Bipartisan Commission; TLTA Sends Letter in Support of Financial CHOICE Act 

By TLTA Staff
June 28, 2017

More than 20 of the housing industry's largest trade groups, including ALTA, are calling on Congress to enact legislation that would change the leadership structure of the CFPB from a single director to a bipartisan commission. The CFPB's concentration of power at the director position has long been a source of contention for the opponents of the CFPB.

Recently, the House of Representatives voted to pass the Republican-crafted Financial CHOICE Act, which would abolish Dodd-Frank. Dodd-Frank created the CFPB and established how the bureau would be structured. The version of the Financial CHOICE Act that passed in the House would change the structure of the CFPB to make the director fireable at will by the president, rather than for cause only, as it stands now.
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TLTA Sends Letter in Support of Financial CHOICE Act

On Monday, May 1, TLTA sent a letter to Financial Services Committee Chairman Jeb Hensarling (R-TX) expressing our support of the Financial CHOICE Act. "We applaud your efforts to repeal and replace parts of Dodd-Frank that are holding back economic growth, particularly housing and business lending by community financial institutions," the letter stated. "We support provisions to make it easier for community financial institutions to make mortgage loans, such as the provision that would create a legal safe harbor from ability-to-repay requirements for mortgage loans that are kept on a depository institution's balance sheet."
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