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Tag Archives: Consumer Financial Protection Bureau

Ohio AG to Head Enforcement at Consumer Financial Protection Bureau

The U.S. Department of the Treasury added three members to its senior leadership lineup for the Consumer Financial Protection Bureau (CFPB). Ohio Attorney General Richard Cordray will lead the enforcement team. In addition, Federal Reserve Director Leonard Chanin will oversee the rule writing team, and former AFL-CIO Director David Silberman will head the card markets division.

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Treasury Hires Senior Leadership for CFPB Implementation Team

Senior technology leadership is now in place for the Consumer Financial Protection Bureau (CFPB) implementation team, according to an announcement from the Treasury Department. Tim Duncan will lead technology operations, and David Forrest will lead the online engagement team. Currently housed at Treasury, the CFPB will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products.

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Treasury Makes Key Leadership Hires for CFPB Implementation Team

The Treasury has filled two key leadership positions for the Consumer Financial Protection Bureau (CFPB) implementation team. The CFPB will have statutory oversight of mortgage lending and the power to set new rules for home loans and other consumer-facing credit products. Steve Antonakes will lead depository supervision, building the consumer supervision program for the nation's largest depository institutions. Peggy Twohig will lead the non-depository supervision team, spearheading efforts to conduct research and policy analysis.

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MBA and Others Send Letter to Fed Regarding Consumer Disclosures

The Mortgage Bankers Association and six other industry groups sent a letter to Federal Reserve Chairman Ben Bernanke Monday, voicing their concern that the Fed, which has jurisdiction over the Truth in Lending Act (TILA), and HUD, which oversees the Real Estate Settlement Procedures Act (RESPA), will create regulatory rules that overlap. The Dodd-Frank Act created the Consumer Financial Protection Bureau, which will be overseen by yet another agency, the Treasury, and will have regulatory authority over consumer disclosures.

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Survey: 54% of Americans Dissatisfied With Dodd-Frank Reforms

The turbulent financial crisis sparked overwhelming support by Americans for Congress to enact financial legislation to prevent future bailouts. But according to the findings of an academia study, the landmark Dodd-Frank Act failed to meet consumer expectations. Only 12 percent of survey respondents declared they were satisfied with the reform bill, while 54 percent of Americans were dissatisfied. Sentiment about real estate pricing and strategic defaults were also examined in the quarterly study.

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Absent Automation, Lenders at Risk for Non-Compliance, Says LoanSifter

Insufficient automation could cause non-compliance issues for mortgage lenders, credit unions, and banks when it comes to the extensive regulatory changes emerging as a result of the Dodd-Frank Reform Act, according to Bruce Backer, president of LoanSifter. Mortgage lenders are most affected by title XIV of the act, which sets national underwriting standards for residential loans, and Backer says even more reforms are headed our way when the Consumer Financial Protection Bureau begins establishing additional regulations for the industry.

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Obama to Name Warren to Start Up Consumer Protection Bureau

The big news coming out of Washington today -- President Obama will hold a special press briefing Friday to name Elizabeth Warren to set up the new Consumer Financial Protection Bureau. She won't be nominated to fill the role of the bureau's chief, as has been widely expected, at least not yet. Instead, she'll be appointed assistant to the president and special advisor to the secretary of the Treasury. She'll head a steering committee responsible for getting the new agency, which will oversee mortgage lending, up and running.

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Regulators Unable to Provide Date for Banks’ SAFE Act Compliance

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, ""because the necessary modifications to the registry have not been completed,"" according to federal officials.

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