A coalition of major financial services trade groups, including America's Credit Unions, is urging the CFPB to reduce mortgage-related regulatory burdens in support of President Trump's executive order aimed at expanding access to homeownership.
In a joint letter to Acting CFPB Director Russell Vought, the organizations called for targeted reforms to mortgage lending rules that they say have become unnecessarily complex and costly for lenders and borrowers alike.
The groups recommended modernizing loan originator compensation rules, revising TRID disclosure requirements and updating Home Mortgage Disclosure Act reporting thresholds. They argued the changes would reduce compliance burdens while improving efficiency and access to affordable mortgage credit.
The letter said current regulations create operational complexity and uncertainty that disproportionately impact smaller institutions and community-based lenders, including credit unions.
Trade groups signing the letter included the American Bankers Association, America's Credit Unions, Consumer Bankers Association, Housing Policy Council and Mortgage Bankers Association.
The organizations said targeted regulatory relief would help lenders devote more resources to originating mortgages and serving consumers while maintaining appropriate protections.
The request follows President Trump's March executive order directing federal agencies to review mortgage regulations and identify opportunities to reduce barriers to housing access.
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