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Tag Archives: Consumer Financial Protection Bureau

Industry Leaders: Reverse Mortgage Rules Too Much

In a prepared statement that it submitted to the Senate Financial Institutions Subcommittee, the American Bankers Association aired concerns about a dry-up in risk in the financial markets, an increasingly serious dilemma that it blamed on Congress for trying to prevent past mistakes from occurring again. The ABA delivered the statement in response to a new loan officer compensation law, a voluminous text with multiple rules and regulations that drove up costs and lost hours for brokers.

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CFPB Likes Social Media Commentary

As it gears up for a formal operations launch in July, the controversial Consumer Financial Protection Bureau continues to accept comments from the public on the Know Before You Owe mortgage disclosure program, which it opened to commentary in May. But there is something else unusual about the commentary period. The CFPB wants the public to participate in the finalizations for Know Before You Owe by logging into their social media accounts and literally comment about the rule online. This is in addition to other commentary.

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Leery Lenders Delay Housing Recovery

Wary of an uncertain economic climate, new regulatory legislation, and the potential for burdensome capital restrictions, the nation's top lenders financed fewer mortgage loans in 2010 than in 2009 to keep their ledgers in the black a cumulative pattern that analysts and news reports say hampers housing and, potentially, recovery in the broader economy. According to analysis conducted by The Wall Street Journal, the 10 largest mortgage lenders in the country denied 26.8 percent of loan applications last year, up from 23.5 percent in 2009.

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House Dems Urge Dodd-Frank Implementation

Angling to get ahead of new fears that the U.S. market may veer off-track with European financial markets in a sovereign default scenario, several members of Congress released a statement Thursday that called for the implementation of the Dodd-Frank Act, citing the vulnerability of growth to changes in international derivatives markets. Recent news reports suggest added risk in the European financial and derivatives markets, which possible sovereign defaults may impact.

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Fed, CFPB Get New Inspector General

Fed

The Federal Reserve released a statement today announcing that Mark Bialek will head up internal investigations as inspector general of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection.

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Attorneys General Fight OCC on Overreach

On Tuesday attorneys general from 48 states and territories aired their concerns about federal overreach in a letter to the Office of the Comptroller of the Currency, charging that the regulatory agency will sidestep state consumer financial laws and misinterpret the intent of the Dodd-Frank Act if it moves forward with a controversial preemption rule. The letter claimed that existing rules put the OCC in conflict with Dodd-Frank, state consumer financial laws, and past Supreme Court cases.

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Letters Put CFPB on Defense

Signaling new flak in ongoing exchanges between members of Congress and the Consumer Financial Protection Bureau, two House committees addressed Treasury secretary Timothy Geithner in a letter last week with concerns about Treasury Department adviser Elizabeth Warren's refusal to unveil her involvement with mortgage servicers and state authorities in their negotiations. The letter is the second to address widespread concerns about the CFPB's dealings, marking a defensive posture for the agency.

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Industry Insiders Respond to CFPB’s Nonbank Rule

On Thursday Consumer Financial Protection Bureau nominee Elizabeth Warren attended a virtual press conference, delineating six groups of nonbank companies that may soon fall under the agency's broad scope of authority. The agency is responsible for ensuring that both banks and nonbanks comply with consumer financial protection and fair lending laws, Warren said, reading from a prepared statement.

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Warren Opens Nonbank Rule to Commentary

Seeking to dispel controversy surrounding recent rule-making efforts, Consumer Financial Protection Bureau nominee and Treasury Department adviser Elizabeth Warren attended a virtual press conference on Thursday to invite public commentary and uphold the agency's claim to sweeping powers under the Dodd-Frank Act. Warren briefly touched on the proposed definition for so-called ├â┬ó├óÔÇÜ┬¼├àÔÇ£larger participants,├â┬ó├óÔÇÜ┬¼├é┬Ø citing nonbank mortgage companies, payday lenders, and private student lenders as subjects that would fall under the rule.

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Chamber: FTC, CFPB Need Fine-Tuning

Concerned by the risk that new regulatory infrastructure may duplicate existing financial rules, the U.S. Chamber of Commerce sent a letter to the Treasury Department and Federal Trade Commission on Monday outlining recommendations to minimize overlap between the former and the Consumer Financial Protection Bureau. Addressing Treasury Secretary Timothy Geithner and FTC Chairman Jon Leibowitz, the letter called for a Memorandum of Understanding in order to clarify and empower the FTC and CFPB.

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