On February 15, NAR participated in an Industry Roundtable Discussion at the Consumer Financial Protection Bureau (CFPB) with Acting Director Mulvaney. The purpose of the roundtable was to foster an open dialogue between new agency leadership and roundtable participants, discussing the priorities for the future and united efforts. NAR joined other consumer and banking trade associations in explaining how agency operations affect members of the real estate and housing finance industries, and the consumers they represent.
The Director provided feedback on the new direction of the CFPB, including increased transparency and communication by agency staff, improved engagement with industry, and better coordination with federal and state examiners enforcing consumer protection laws. NAR stressed with the Director REALTORS®’ connections with consumers and how the agency should continue to look to NAR as a trusted partner.
NAR will continue working with the CFPB, following up on issues of concern raised at the roundtable, such as less regulation through enforcement and more clarity on complex regulations, especially in light of the recent PHH case. NAR will also be commenting on the CFPB’s Requests for Information (RFIs) that will provide the agency with details to assess agency efficiency and effectiveness, and encourage feedback from members also wishing to weigh in anonymously.