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Home >> Tag Archives: Politics

Tag Archives: Politics

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CFPB, Critics React to GAO Report on Data Collection

CFPB, Critics React to GAO Report on Data Collection

Rep. Jeb Hensarling earlier this week pounced on a GAO report criticizing CFPB's data collection practices, accusing the bureau of "trying to out-NSA the NSA when it comes to accumulating information on Americans." The report came as a result of legislation passed by Congress in January that required GAO to look into CFPB's data collection methods following CFPB's refusal to disclose information about its program to Congress, according to Hensarling.

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House Committee Approves Bill to Ease Large Firm Bankruptcies

House Committee Approves Bill to Ease Large Firm Bankruptcies

The House Judiciary Committee approved bipartisan legislation aimed at speeding up the bankruptcy process and preventing taxpayers from taking the hit in the event of the failure of large financial institutions. The backers of the Financial Institution Bankruptcy Act say it will expedite the bankruptcy process with a speedy judicial review and quicker transfer of assets from the bank to a bridge company.

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Lawmaker Pushes to Reform Consumer Credit Reporting

Lawmaker Pushes to Reform Consumer Credit Reporting

Congresswoman Maxine Waters announced Wednesday a new proposal aimed at reforming consumer reporting and credit scoring practices. Waters drafted her proposal, which is entitled "Fair Credit Reporting Improvement Act of 2014," in response to many recent cases and studies which have exposed flaws in the country's current consumer reporting system.

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CBO: GSE Wind-Down Bill Could Cut Spending by $60B

CBO: GSE Wind-Down Bill Could Cut Spending by $60B

A bill proposed to dissolve the GSEs and replace them with a limited government backstop could cut direct spending by $60 billion over the next 10 years, according to an estimate from the Congressional Budget Office. Under S. 1217, the new system of guaranteeing mortgage-backed securities (MBS) would mean less risk for the government, therefore costing the government less money.

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Lawmakers Urge Fed to Rein in Bailout Powers

Lawmakers Urge Fed to Rein in Bailout Powers

In a rare show of bipartisanship, Sens. Elizabeth Warren (D-Massachusetts) and David Vitter (R-Louisiana) joined four other senators and nine House members in a letter that warned against a weak proposed rule that signers said would fail to place "meaningful restrictions" on its ability to bail out financial institutions.

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GSE Reform? Not Anytime Soon

GSE Reform? Not Anytime Soon

While policymakers have made some headway in pushing through different GSE reform packages, a new report from Kroll Bond Rating Agency contends any reform legislation is unlikely to pass through Congress before the 2016 general election at the earliest.

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House Committee Approves Fed Reform Bill

House Committee Approves Fed Reform Bill

The House Financial Services Committee passed a reform bill this week to require the Federal Reserve to adopt a "more predictable rules-based" monetary policy. The Fed has already warned of serious trouble if the nation's central bank were held to formal policy regarding its ability to set interest rates.

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House GOP Highlights Dodd-Frank Failures

House GOP Highlights Dodd-Frank Failures

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

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House Democrats Introduce New GSE Reform Bill

House Democrats Introduce New GSE Reform Bill

Representatives John K. Delaney (D-Maryland), John Carney (D-Delaware), and Jim Himes (D-Connecticut) introduced Thursday new housing finance reform legislation aimed at winding down Fannie Mae and Freddie Mac and replacing them with a federally backed insurance program administered through Ginnie Mae.

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House Committee Turns Up Heat on Cordray

House Committee Turns Up Heat on Cordray

A week after appearing before the Senate Banking Committee, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray traveled back up the hill again on Wednesday to review the bureau's semi-annual report and take questions from the House Financial Services Committee. At the hearing, committee members asked Cordray to address a number of issues surrounding the embattled agency.

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