MBA Weighs in on OMB Request for Information on Deregulation

The Mortgage Bankers Association weighed in on the Office of Management and Budget’s request for information on “unnecessary, unlawful, unduly burdensome, and unsound” rules.

MBA submitted a letter to OMB. The letter was broken into two sections that outline rules that MBA believes should be rescinded (Section I) or revised (section 2) at the CFPB, HUD, FHFA, VA, and SEC.

Those recommended to be rescinded include the CFPB’s nonbank registry and 1071 small business lending reporting rules and HUD’s recent rules on floodplain management and energy efficiency standards. Those recommended for revisions include the CFPB’s RESPA Section 8 and Reg X Servicing rules, and FHFA’s incorporation of UDAP into its Equitable Housing Finance plans for the GSEs.