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Tag Archives: Consumer Financial Protection Bureau

Lawmaker Wants Dodd-Frank Financial, Regulatory Analyses

As pressure builds to repeal the Dodd-Frank Act, one lawmaker pushed back by formally requesting an analysis of the rulemaking effort and financial consequences under the financial legislative overhaul. Sen. Tim Johnson wrote two letters to public officials Thursday to make the request, with clear intentions to secure a formal, objective analysis that lends credibility to the financial law and overall rulemaking process. Included agencies in the requested analyses: the Consumer Financial Protection Bureau and Federal Housing Finance agency.

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CFPB Rule Would Warn Offenders Before Enforcement Action

A new rule proposed by the Consumer Financial Protection Bureau could mean the difference between clemency and punitive measures for firms and financial institutions, which would receive two weeks' notice and the chance to explain their purported infractions before the bureau takes action. The so-called Early Warning Notice, published by the bureau in the Federal Register, would supply firms and institutions with cause for enforcement action and allow their counsel to submit a written rebuttal in defense.

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New Rule Would Streamline GSE Fraud Reports

Fraudsters and money-launderers may find it more difficult to move forward with their illicit activities if a new draft rule receives approval. Publishing a draft rule in the Federal Register Thursday, the Financial Crimes Enforcement Network proposed eliminating the Federal Housing Finance Agency as a middle-man in the reporting process for suspicious activity for GSEs Fannie Mae and Freddie Mac. The rule would require GSE officials to file suspicious activity reports with FinCEN itself.

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Obama Officials Up the Ante to Get CFPB Director

Officials with the White House and Consumer Financial Protection Bureau continue to press critics of the bureau to confirm Richard Cordray as director, notably fronting the wife of Central Intelligence Agency Director Ret. Gen. David Petraeus Thursday. Speaking before the Senate Banking Committee, CFPB Assistant Director Holly Petraeus addressed concerns about the housing market and the effects on service members and their families, ascribing increased hardship to declining home values and difficulties in home sales.

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Debate Still Rages Over CFPB After First 100 Days

The feud between lawmakers over the Consumer Financial Protection Bureau dragged on Wednesday, as de facto acting director Raj Date defended the struggling agency to Republican House members and the role of the Dodd-Frank Act in financial regulation. Republicans advanced their critiques by highlighting the apparent power of the CFPB director and more compliance workload for financial institutions. Democratic lawmakers played their part by praising the bureau. At other times lawmakers ratcheted up the rhetoric.

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Hearing Portrays a Public Divided Over Dodd-Frank

As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee Monday appeared as divided over the issue as the general public, with some criticizing the law and others praising it. The leaders of banks and credit unions largely panned the financial regulatory overhaul, highlighting the demand for more resources and manpower in compliance issues even as regulators themselves continue to scrutinize new loans. Others said that Dodd-Frank benefited the recovery.

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Obama Picks Galante for FHA Chief Amid Partisanship

President Barack Obama fielded HUD official Carol Galante as a new nominee to head up the Federal Housing Administration, even as the future for other federal nominees remains unclear. The White House announced the decision in a statement in which the president offered new names for other posts. It remains uncertain whether any of the current partisan wrangling over other nominees will impact the confirmation process for Galante. Also in line for his confirmation: Consumer Financial Protection Bureau director-nominee Richard Cordray.

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QuickenLoans’ Mortgage-Fees Dispute Reaches Supreme Court

A case over unearned mortgage fees reached the desk of the nation's highest judicial authority Tuesday, as the Supreme Court accepted to hear a suit over unearned fees that mortgage lenders allegedly charged their borrowers. The defendant: Detroit-based QuickenLoans, which an amicus curae brief, filed by borrowers in Louisiana, accuses the lender of failing to abide by the Real Estate Settlement Procedures Act, the 1974 law responsible for banning financial benefits for lenders and servicers involved in federal loans.

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Lawmakers Clear CFPB’s Cordray for Full Senate Vote

In a widely expected turn of events, lawmakers seated on the Senate Banking Committee approved would-be Consumer Financial Protection Bureau director Richard Cordray for a full nomination vote along strictly partisan lines. The nominee will now face a full Senate vote, where his bid will likely meet stiff Republican opposition. Twelve Democrats on the committee signed off on his nomination, even while their 10 Republican colleagues lined up against it. The Senate will now schedule the first hearing.

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