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MBA sends legislative proposals to the Senate

MBA sends legislative proposals to the Senate

The Mortgage Bankers Association (MBA) sent a 9-page proposal today to the U.S. Senate Committee on Banking, Housing, and Urban Affairs in response to a call for proposals aimed at promoting economic development and consumer and lender participation in the economy.

Sen. Mike Crapo, R-Idaho, chair of the banking committee, and Senator Sherrod Brown, D-Ohio, ranking member of the committee, put out the call for proposals on March 20, seeking “three to five priority proposals” from all interested stakeholders in the banking, housing and financial services sectors.

The MBA proposal contains seven major sections requesting changes or modifications to existing rules and regulations. The first proposal the MBA makes is a request for regulatory clarity and relief from the Consumer Financial Protection Bureau, claiming the bureau’s “use of consent decrees and administrative decisions to make changes in the rules, rather than formal rulemaking or published guidance” creates uncertainty.

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