CUNA Regulatory Comment Call
June 5, 2009
FTC Advance Notice of Proposed Rulemaking - Mortgage Acts and Practices
- The Federal Trade Commission (FTC) has initiated two advance notice of proposed rulemaking (ANPR) with regard to mortgage loans. The purpose is to request and analyze comments in response to the ANPR for purposes of developing specific proposed rules in the future that would prohibit or restrict mortgage loan practices.
- One ANPR addresses the activities that occur throughout the mortgage loan process. This includes advertising, marketing, origination, appraisals, and loan servicing. The other ANPR addresses the practices of those who offer loan modification and foreclosures rescue services to consumers, which have been the subject of recent scams.
- For both ANPRs, the FTC is requesting general comments as to whether the agency should develop rules to restrict or prohibit activities in these areas. These ANPRs do not include any detailed or specific proposals. Any rules that would be developed would be issued under the unfair or deceptive acts or practices provisions of the FTC Act.
- The rules adopted by the FTC will not apply to banks, thrifts, or federal credit unions. However they will apply to other entities in which the FTC has jurisdiction under the FTC Act and this would include state-chartered credit unions. Any rules that would apply to state-chartered credit unions would be in addition to the current rules that apply to mortgage lending.
- Comments in response to the ANPR on activities that occur throughout the mortgage loan process are due by July 30, 2009. Please submit your comments to CUNA by July 21, 2009. Comments directed to the FTC must refer to Mortgage Acts and Practices Rulemaking, Rule No. R911004.
- Comments in response to the ANPR on activities offered by loan modification and foreclosure rescue services are due by July 15, 2009. Please submit your comments to CUNA by July 7, 2009. Comments directed to the FTC must refer to Mortgage Assistance Relief Services Rulemaking, Rule No. R911003.
Please feel free to fax your responses to CUNA at 202-638-7052; e-mail them to Senior Vice President and Deputy General
Counsel Mary Dunn at firstname.lastname@example.org or to Senior Assistant General Counsel Jeff Bloch at
email@example.com; or mail them to Mary or Jeff in c/o CUNAs Regulatory Advocacy Department,
601 Pennsylvania Avenue, NW, South Building, 6th Floor, Washington, DC 20004. You may also contact us if you would like a copy
of the ANPRs or you may access them on the Internet at the following addresses:
QUESTIONS TO CONSIDER REGARDING THE FTC ADVANCE NOTICE OF PROPOSED RULEMAKINGS
Eric Richard General Counsel (202) 508-6742 firstname.lastname@example.org |
Mary Mitchell Dunn SVP & Deputy General Counsel (202) 508-6736 email@example.com
Jeffrey Bloch Assistant General Counsel (202) 508-6732 firstname.lastname@example.org
Luke Martone Senior Regulatory Counsel (202) 508-6743 email@example.com