Public Affairs Update

Public Affairs Update…………………………………….………………….....April 5, 2017

  • DOJ Shifts Support Against CFPB

  • Rules on Financial Entities Reviewed

  • NAR Urges Congress to Support Net Neutrality

  • Home Price Index Hits 31-Month High

  • In Case You Missed It

     

    DOJ Shifts Support Against CFPB

    The Department of Justice (DOJ) has filed an amicus brief defending the holding that the unaccountable single-director structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional in the case of PHH Corp. v. CFPB. In reversal of support, the DOJ adopts the U.S. Court of Appeals for the D.C. Circuit’s three-judge panel finding that the Dodd-Frank Act’s for-cause removal restriction for the CFPB director was unconstitutional. The DOJ compared multi-member regulatory commissions to the single-director structure of the CFPB, arguing that current removal restrictions are “an unwarranted limitation on the President’s executive power.”

     

    The DOJ filing was prompted by the court’s granting of the CFPB’s request for rehearing en banc, vacating the three-judge panel decision. The CFPB’s brief is due by the end of the month and oral argument of the case is scheduled for May 24, 2017. NAR filed an amicus brief in support of PHH (along with several other trade groups) focusing on the Real Estate Settlement Procedures Act (RESPA) Section 8(c)(2) safe harbor issue related to referrals where there is a federally related mortgage. The DOJ did not address the RESPA issues. For a brief overview of the case, see NAR's Issue Summary [Source: NAR Update 03-28-2017]

    View the DOJ's brief

     

    Rules on Financial Entities Reviewed
    Federal banking agencies have issued a joint report to Congress detailing their review of rules affecting financial institutions. [Source: NAR Update 03-30-2017]

     

    NAR Urges Congress to Support Net Neutrality

    On Mar. 20, NAR sent a letter to the House and Senate Commerce committees reiterating our support for the Federal Communications Commission’s (FCC’s) Open Internet Order implemented in 2015. NAR urged the committees to oppose legislation and regulatory efforts that would threaten network neutrality and rollback important protections put in place by the FCC in 2015.

    Net neutrality is shorthand for the concept that Internet users should be in control of what content they view and what applications they use on the Internet. More specifically, net neutrality requires that broadband networks be free of restrictions on content, sites, or platforms. Networks should not restrict the equipment that may be attached to them, nor the modes of communication allowed on them. Finally, networks should ensure that communication is not unreasonably degraded by other communication streams.

    NAR supports network neutrality rules that protect real estate businesses and consumers by preventing Internet Service Providers (ISPs) not only from blocking, throttling or discriminating against lawful content on the internet, but also would prohibit paid prioritization (fast lanes) arrangements and other content protections. [Source: NAR Update 03-27-2017]

    March 20, 2017 Letter to Commerce Committee

    NAR Net Neutrality Resources

     

    Home Price Index Hits 31-Month High

    According to the latest S&P CoreLogic Case-Shiller Home Price NSA Index released Tuesday, home prices hit a 31-month high in January. The Index was up 5.9 percent for the year and 5.7 percent for the month. Seattle, Portland, and Denver saw the biggest price increases. » READ MORE [Source: DSNews.com 03-29-2017]

     

    Latest Updates to the Floodplain Remapping Project

    Visit the Floodplain Remapping Project website for news and updated information related to:

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