The Washington Report
May 22, 2023
In This Issue
Realtor Insider DC News and Events
Upcoming Legislative Activity Important to Real Estate, Week of May 22
RESPA-CFPB
NAR, MBA, and NAHB Advocate for Housing Market Stability to the Supreme Court
Realtor Insider DC News and Events
Upcoming Legislative Activity Important to Real Estate, Week of May 22
Hearing/Markup Schedule*
Tuesday, May 23 at 10:15 a.m. ET
House Financial Services Committee Hearing:
FHFA Oversight: Protecting Homeowners and Taxpayers
Wednesday, May 24 at 10:15 a.m. ET
House Education and the Workforce Subcommittee on Higher Education and Workforce Development Hearing:
Breaking the System Part II: Examining the Implications of Biden’s Student Loan Policies for Students and Taxpayers
Ian Roach, iroach@nar.realtor, 202-383-1106
Erin Stackley, estackley@nar.realtor, 202-383-1150
back to top
NAR, MBA, and NAHB Advocate for Housing Market Stability to the Supreme Court
On Monday, May 15, the National Association of REALTORS® (NAR), alongside the Mortgage Bankers Association (MBA) and the National Association of Homebuilders (NAHB) submitted an amicus brief to the Supreme Court in the case of the Consumer Financial Services Association of America v. Consumer Financial Protection Bureau (CFPB), which is examining the constitutionality of the funding structure of the CFPB. While amici took no position on the constitutional question before the Court, we urged against a broad decision that could cause major disruption of the nation’s housing and real estate markets in order to protect consumers and the broader economy.
Nearly all home purchase transactions for more than a decade have been made in accordance with CFPB regulations and consumers have come to rely on the protections provided by the disclosure and transparency requirements imposed on lenders and real estate professionals under those rules. Should the Court issue a broad sweeping decision that calls into question those regulations, uncertainty and chaos could ensue with a lack of clarity around what rules govern mortgage and purchase transactions, in addition to the potential liability for industry professionals.
Similar to the joint advocacy efforts conducted in Seila Law LLC v. CFPB, NAR, MBA, and NAHB again requested that the Court conduct a severability analysis for any problematic provisions of the law at issue. If needed, such targeted action by the Court would preserve certainty and limit adverse consequences for both consumers and the housing industry. Amici also requested that the Court should grant de facto validity to unchallenged rules while Congress determines appropriate next steps if necessary, to further preserve financial stability of the market.
The Supreme Court will hear this case in the October term. Stay tuned to nar.realtor/respa for the latest updates.
Christie DeSanctis, CDeSanctis@nar.realtor, 202-383-1102
back to top