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Tag Archives: Consumer Financial Protection Bureau

Warren Leaves CFPB for Harvard

After a year of controversy, back-and-forth hearings, and battles on Capitol Hill, Consumer Financial Protection Bureau architect and advocate Elizabeth Warren will depart from the bureau and return to an endowed position at Harvard Law School come August. Date will assume responsibility for day-to-day affairs and operations at the Treasury Department. Last month Bloomberg News circulated reports that Obama would replace Warren, a polarizing figure on Capitol Hill, with the associate director.

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CFPB Proposes First Rule

Signaling that it means business, the newly opened Consumer Financial Protection Bureau undertook its first major stab at the rule-making process by issuing a proposed rule that would shift alternate mortgage origination from the state to federal level nationwide. The rule applies to Regulation D under the Alternative Mortgage Transaction Party Act. If enacted, it would enact a Dodd-Frank provision by allowing state-licensed mortgage originators to make alternative loans even states with laws that prohibit such loans.

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House Passes Bill to Revamp CFPB

Passing a bill aimed at reforming the agency, House lawmakers showed no sign of stopping in their attempts to reform the Consumer Financial Protection Bureau just one day after it officially opened its doors. On Thursday the lower chamber pushed through H.R. 1315, titled the Consumer Financial Protection Safety and Soundness Improvements Act, which ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô contingent on Senate action and a bicameral reconciliation process ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô would swap the director for a commission and strengthen the Financial Stability Oversight Council.

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One Year Later, the CFPB Goes Live

Following months of anticipation among critics and admirers alike, the Consumer Financial Protection Bureau formally opened its doors Thursday, taking over rule-writing and enforcement abilities for 18 consumer financial laws, preparing a host of new regulators, and assuming an array of powers provided by the Dodd-Frank Act. The launch notwithstanding, a tied-up confirmation process, scale-up difficulties, and stiff political opposition from the past year hold the CFPB back, making some wonder how the bureau will function.

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Obama Bumps Warren, Taps Cordray for CFPB

President Barack Obama announced Sunday that he would withdraw Treasury Department advisor Elizabeth Warren for the top post at the Consumer Financial Protection Bureau and replace her with Richard Cordray.

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Warren, Republicans Faceoff on Thursday

With less than two weeks to go before the Consumer Financial Protection Bureau launches, Treasury Department adviser and nominee Elizabeth Warren plans to attend the House Oversight Committee for the last time on Thursday, giving her Republican opponents one final opportunity to lob critiques at her brainchild before it assumes consumer financial protection authority. Analysts across the spectrum seem to agree that Warren will face yet another challenge from Republicans, who fear numerous transfers of authority from seven agencies will tip the scale between regulation and economic recovery.

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MBA Urges CFPB to Meet Over Rules

Joining the ranks of other concerned trade organizations, the Mortgage Bankers Association submitted a comment letter to Treasury Department adviser and nominee Elizabeth Warren, urging the Consumer Financial Protection Bureau to consult with stakeholders on closing costs and holding firm on a key question affecting various consumer financial laws. The question in mind concerns the Real Estate Settlement and Procedures Act and Truth-in-Lending Act, some of the provisions for which the CFPB wants to combine in order to create a uniform mortgage disclosure form.

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CFPB Eager to Write New Servicer Rules

In testimony before the House financial services committee and two subcommittees, Consumer Financial Protection Bureau associate director and potential nominee Raj Date made it clear that the agency plans to pounce on new rules for mortgage-servicers in July. Date described a transfer of authority to the bureau from seven agencies set to occur in July. According to Bloomberg News, the congressional committee asked Date to testify as it looks over gaps and lapses in the current body of mortgage servicing regulation.

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