In a rare move, 37 state attorneys general backed Consumer Financial Protection Bureau director-nominee Richard Cordray in a recent letter of support to Senate party leaders.
Read More »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.
Read More »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.
Read More »CFPB’s New Mortgage Disclosure Initiatives Gaining Traction
The Consumer Financial Protection Bureau has a strong supporter in the National Association of Exclusive Buyer Agents. Recently reviewing the updated mortgage disclosure forms produced by the CFPB, the NAEBA responded to the organization with a letter of commendation. Though citing the CFPB's thorough assessment of borrowers' needs within the project, the NAEBA also submitted some suggestions based on its evaluation of the mortgage disclosure initiative, which is part of the "Know Before You Owe" program.
Read More »Date: Expect Ability-to-Repay Rule in 2012
Treasury special adviser Raj Date made headlines again after announcing Tuesday that the Consumer Financial Protection Bureau plans to finalize the ability-to-repay rule early next year. His remarks follow a series of other barnstorming speeches in the ramp-up for several rules. Once approved, the new rule, formerly proposed by the Federal Reserve, will broaden the scope of Regulation Z under Truth-in-Lending and prevent lenders from making loans to consumers without qualifying assets and income.
Read More »CFPB Undaunted Nearly Two Months After Going Live
If recent remarks by Treasury adviser Raj Date signal anything, the Consumer Financial Protection Bureau means to press forward with the responsibilities enshrined for it under the Dodd-Frank Act. The CFPB holdover, who filled the shoes of Elizabeth Warren, now a Senate candidate, explored events in the lead-up to the controversial bureau even as an unwavering Republican opposition holds the line. Assuming responsibility for 18 consumer financial laws, the CFPB has moved forward with rules and proposals.
Read More »CFPB Architect Officially Launches Bid for Senate
It's official: Elizabeth Warren will mount a bid for the Senate as a Democratic candidate. If she makes it through a crowded primary, the Consumer Financial Protection Bureau architect, onetime presidential advisor, and political lightning rod for the right will face off against Sen. Scott Brown (R-Massachusetts) over the 2012 election year. News that Warren will officially run for the Senate follows months of speculation and her ejection from a high-profile nomination process.
Read More »Dodd-Frank Chugs Forward for Feds Despite Political Hay
As Rep. Barney Frank (D-Massachusetts) made waves this week with legislation to curb voting rights for Fed governors, key provisions under his namesake law, the Dodd-Frank Act, manifested themselves in decisions by major federal regulators. The FDIC and Federal Reserve rubber-stamped a rule that require the nation's largest banks to send up blueprints for bankruptcy, while the Consumer Financial Protection Bureau steadily moved forward with the uniform mortgage disclosure form.
Read More »Political Tensions Alive at Cordray Hearing
A confirmation hearing for Consumer Financial Protection Bureau director-nominee Richard Cordray largely went as expected for the Senate Banking Committee Tuesday, with Democratic members defending the federal agency and Republicans heaping criticism on it. Lingering tensions found their way into exchanges between lawmakers from both parties, in and outside the committee room. For his part, Cordray used his opportunity before the Senate Banking Committee to reassure lawmakers about his intentions.
Read More »PAC Raises $100K for Elizabeth Warren Senate Run
Elizabeth Warren for Senate? Those four words may take a turn as real as the next sound-bite if the Progressive Change Campaign Committee has anything to say about it. The PAC has raised $100,000 for Warren.
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