CFPB: Consumer Financial Protection Bureau, the independent regulatory agency created under Dodd Frank, responsible for consumer protection in the financial sector.
CFPB jurisdiction includes banks, credit unions, securities firms, payday
lenders, mortgage-servicing operations, foreclosure relief services, debt
collectors and other financial companies operating in the U.S.
In Case You Missed
It! Summary on NAR Tax Reform Study
finalized a summary of
of Tax Reform Options on Owner-Occupied Housing" report prepared
for NAR by PwC. All Members of Congress should have received these documents by
now as a follow up to the Hill Visits held during the 2017 REALTORS® Legislative
Meetings & Trade Expo.
If you have
any questions please direct them to Victoria Givens at firstname.lastname@example.org or 202-383-1021.
NAR Sends Letter on House Flood
This week, NAR
letter to the House Financial Services Committee commenting on draft
legislation to reauthorize and reform the National Flood Insurance Program
(NFIP). The program is up for reauthorization on September 30 and the letter urges
Congress to act quickly to avoid any laps in program authority while working
toward a long term reauthorization solution.
The committee has
released six sections addressing NFIP affordability, flood mapping, private
flood insurance and more. The discussion drafts were the subject of a hearing this
week and legislation will be marked up next Wednesday.
NAR has reviewed these drafts and our section-by-section
and analysis can be found attached to the letter. Overall, the bill
reflects many NAR member priorities including:
- 5 year
- $1 billion investment
in pre-flood mitigation;
- Streamlining the
processes for community flood map appeals and claim determinations;
- A more robust private
flood insurance market.
Specifically, the bill includes a
number of provisions requested by NAR including:
increased cost of compliance grants for pre-flood mitigation;
- Requiring FHA to
consider private flood insurance
- Requiring that
NFIP account for coastal and inland locations when developing NFIP rates.
At the same time, as our analysis
outlines, NAR believes there are several areas where the drafts can be
strengthened and clarified.
For a summary of
each section, please click on these links:
New Tools to Stay Connected with Congress on Facebook
Facebook recently launched three new tools that connect elected officials
with their constituents: Constituent Badges, Constituent Insights, and District
Here are 3 ways you can use Facebook’s new tools to stay connected with
your constituent badge by going to Facebook’s Town Hall page at Facebook.com/TownHall. By getting
the “badge”, your legislators will know you live in their district when you
post to their page on important real estate issues.
your legislators and stay informed with what is happening in your
district. If you click on the Community tab of an elected official's
page, you can see the popular news in that district. This feature is not
available on all elected official pages.
posts about NAR policy priorities. This week, NAR sent a letter to
the House Financial Services Committee commenting on draft legislation to
reauthorize and reform the National Flood Insurance Program (NFIP). As you
know, the program is up for reauthorization on September 30 and this letter
urges Congress to act quickly to avoid any laps in program authority while
working toward a long-term reauthorization solution. A link to the letter can
be found below, which you can share with your member of Congress to remind them
about the upcoming NFIP reauthorization deadline.
Flood Insurance Letter: http://narfocus.com/billdatabase/clientfiles/172/2/2908.pdf
For more information on Facebook's Town Hall tools, visit these Help Center
- What is a Constituent Badge?
- What is Town Hall?
Why does Facebook show what's popular in a district?
Potential Changes to Dodd-Frank Regs Outlined
in Recent NAR Lender Survey
This quarter marks the 14th
Survey of Mortgage Originators and the
first full quarter under the new administration. This survey covers lenders’
experiences in the 1st quarter of 2017 and questions on potential
changes to the CFPB, the Qualified Mortgage
rule, and the Small Creditor Portfolio Rule.
of Mortgage Originators, First Quarter 2017
Important 2017 President’s Circle Reminder
Did you know 175 FPCs
are 2017 President’s Circle members? That’s 33% of you who are taking advantage
of this unique opportunity! You further strengthen the REALTOR® Party beyond
what we can do with RPAC dollars alone by investing $500 directly in the Member of
Congress you serve. An FPC must choose either a $500 contribution to their
Member of Congress OR a National
Party Committee – you cannot do both in Round 1. All $2,000 in President’s Circle funds are due by Sept.
an FPC, I truly believe that all REALTORS® should Vote, Act & Invest. Our
elected officials know when we Vote & Act, but they really pay attention to
those of us who Invest. I know that a large part of my credibility with my
Member of Congress is due to my investment in RPAC and especially in the
President’s Circle program. Financial investment in RPAC & the President’s
Circle speaks volumes about our commitment to our Industry and Association.” – Hagan Stone, 2017 NAR RPAC Trustees
Fundraising Committee Chair and FPC for Marsha Blackburn (TN)
Kanoa Naehu at email@example.com/
202-383-1268 or Kelly O’Donnell at ko’firstname.lastname@example.org/
SPECIAL NOTE: FPC names will now be featured on the
VoteSane portal when President’s Circle targets are identified.
on PHH v. CFPB
On May 24, 2017, the U.S. Court of
Appeals for the D.C. Circuit heard oral arguments in the case of PHH Corp. v. CFPB. The court
examined whether the Consumer Financial Protection Bureau’s (CFPB) single
director structure is unconstitutional and whether the CFPB exceeded their
authority when interpreting the Real
Estate Settlement Procedures Act (RESPA). The bulk of the oral
arguments focused on the constitutionality argument, rather than the RESPA
reports indicate the court is unlikely to rule the CFPB is unconstitutionally
structured ... Read More
FPC Field Reports Now Password Protected
Thank you for all of your great work last week. As many of you have already experienced, your field reports are now password protected. Due to this new level of security for your privacy, you will now be required to login with your NAR.Realtor username and password
before filing your field report. If you do not know your username and password,
you can obtain it by contacting NAR’s Information Services at 800-874-6500 or emailing them through this web form. Once logged in,
you will need to navigate back to the field
report page on the REALTOR Action Center and then proceed as usual. This
added security measure will ensure that all field reports remain confidential
between the FPC and NAR staff.If you have any questions or trouble logging in, you can reach out to Victoria Givens at email@example.com or 202-383-1021.
FPC $1000 Stipend Details
FPCs will once again be afforded a stipend of up to $1,000 per FPC. The
reimbursement process will be the same as in previous years: FPCs, following state
reimbursement rules, should file their expense report with your state
immediately after your trip. States then should submit one invoice to NAR
for the entire state FPC delegation that attended the meetings and are
requesting the stipend. The invoice should list the name of each FPC requesting
assistance, and the amount (they may vary) being requested for each
FPC. Invoices should be submitted to NAR by July 3, 2017. Please email
your invoice to firstname.lastname@example.org.
Recenlty, Mr. Matt Ritchie, FPC for Louisiana Sen. John Kennedy, received
the Louisiana Realtor of the year aware. Please give a big congratulations to Matt!
Tips of the Trade
This Week: Topic Pages on NAR.realtor
Are you familiar with the "Topic Pages" on nar.reator? This resource provides background and news updates to keep you informed on over 100 issues related to our industry. A handful of timely topics accessible include:
Clean Water Act
The direct link to these topic pages can be found here: https://www.nar.realtor/topics
**FPC Weekly Newsletters are now online!