Hi, I’m Adam DeSanctis, this is the Mortgage Minute, the latest news from the Mortgage Bankers Association. I may sound like a broken record at this point, but MBA continues to monitor the developments of the ongoing government shutdown, now in its fourth week. Among many things last week, MBA submitted a comment letter in response to the CFBs advanced notice of uls rulemaking related to the implementation of the section 1033 open banking rule. The current rule requires depository institutions and non-banks to make certain consumer financial information available to consumers and to third parties they designate. In short MBA’s letter was generally supportive of the creation of an authorized data access ecosystem and the consumer financial services market, and appreciates the CFPBs efforts to ensure that the final rule promotes data sharing based on industry standards while still encouraging innovation. We believe the CFPB should amend the final rule to explicitly ban the use of screen scraping, streamline required consumer disclosures, publish guidance, clarifying that third parties are responsible for reporting their own data breaches involving covered data they have collected. Extend the implementation deadlines in the final rule and provide a safe harbor if a standard setting body has not published industry standards. And finally, allow consumers to opt in to secondary uses of their data and be able to keep members informed of updates regarding this.
Adam DeSanctis, VP, Communications at Mortgage Bankers Association
As a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely regarded as an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA’s social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA’s research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA’s organizational public affairs plan, media relations and member communications support for mPower, MBA’s Opens Doors Foundation and MBA’s Diversity, Equity, and Inclusion programs.