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Home | Tag Archives: Elizabeth Warren

Tag Archives: Elizabeth Warren

Johnson-Crapo Bill Clears Senate Banking Committee

Despite some recent kickback from Senate Democrats, the Johnson-Crapo reform bill that plans to phase out Fannie Mae and Freddie Mac passed the Senate Banking Committee by a bipartisan vote of 13-9. The legislation is an agreement between Chairman Tim Johnson (D-South Dakota) and Ranking Member Mike Crapo (R-Idaho) "designed to stabilize the housing finance market and strengthen the American economy," the committee said in a press release.

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Cordray Answers Lawmakers at Nomination Hearing

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), sat once again on Tuesday in front of the Senate Banking Committee, this time to present his case to continue leading the consumer agency. While some had expected a contentious round of questioning from Republicans critical of CFPB in its current form, the proceedings were generally cordial. However, Sen. Mike Crapo did take the opportunity to voice his concerns about the agency's structure and about Cordray's controversial recess appointment, which was called into question earlier this year.

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Attorney General Criticized after ‘Too Big to Jail’ Suggestion

U.S. Attorney General Eric Holder caused a stir Wednesday by voicing the idea that certain financial institutions may be ""too big to jail."" In a testimony before the Senate Judiciary Committee on Justice Department (DoJ) oversight, Holder said he is ""concerned that the size of some of these institutions becomes so large that it does become difficult for us to to prosecute when we are hit with indications ... it will have a negative impact on the national economy.""

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Lawmakers Ask for More Details on Abandoned Foreclosure Review

Although the Independent Foreclosure Review (IFC) has concluded after regulators reached an $8.5 billion foreclosure settlement with 10 banks, questions still remain concerning the abandoned foreclosure review process and the terms for the current settlement. In the search for more answers, three lawmakers recently wrote letters to the Office of the Comptroller (OCC) and the Federal Reserve. Sen. Elizabeth Warren (D-Massachusetts) and Rep. Elijah Cummings (D-Maryland) sent a joint letter dated January 31 to the OCC and the Fed requesting specific information, including the results of all performance reviews.

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Elizabeth Warren to Depart Consumer Financial Protection Bureau

Raj Date will replace Elizabeth Warren as special advisor to the secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB) when Warren departs from the agency at the end of this month, Treasury said in a statement Tuesday. Warren is returning to her position as the Leo Gottlieb Professor of Law at Harvard Law School.

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Obama Nominates Former Ohio Attorney General to Head CFPB

President Obama on Sunday announced his pick to lead the new Consumer Financial Protection Bureau (CFPB) - Richard Cordray, former attorney general for the state of Ohio. Cordray was selected to build out the Bureau's enforcement team in December. The president plans to formally nominate Cordray for the top post at the CFPB on Monday. His appointment must still be approved by the Senate.

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New Mortgage Disclosure Form to Help Safeguard Against Default: CFPB

The new Consumer Financial Protection Bureau (CFPB) aims to avert at least one hitch in the home loan process that some market experts say started a whirlwind of mortgage delinquencies - ensuring consumers have a clear understanding of the cost associated with their mortgage. CFPB unveiled two prototypes for a new regulatory disclosure form Wednesday that the agency will begin testing this week. Each of the prototypes combines the two-page TILA disclosure and the three-page RESPA disclosure into a single, abbreviated form.

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Robo-Signing Settlement Disputes Continue After Wednesday’s Meeting

Attorneys general and federal regulators sat down with major servicers this week to discuss the details of the robo-signing settlement. Both sides have submitted their own version of what they believe a settlement should look like, and this week's meeting is just the first in what will likely be a long period of negotiations. Banks have repeatedly spoken out against what they believe to be terms that are too harsh and may even encourage moral hazard. Mortgage investors are also weighing in on the proposed terms.

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New Consumer Bureau to Put Down Roots Across from White House

Location, location, location. Elizabeth Warren says ""that's the real estate mantra, and the new consumer bureau is following the professional's lead."" The U.S. Department of the Treasury announced late last week that the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, D.C., just across the street from the White House complex.

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Trade Group Threatens to Sue the Fed Over Loan Officer Compensation

In the face of new loan officer compensation rules to take effect on April 1, one trade group is fighting back with threats of legal action against the Federal Reserve Board. The National Association of Independent Housing Professionals (NAIHP) said on its Web site that it has also held several high level meetings with various agencies like the Consumer Financial Protection Bureau and the Financial Crisis Inquiry Commission, and with high powered administrators like Elizabeth Warren.

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