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Tag Archives: Elizabeth Warren

War of Words Over Dodd-Frank Heats Up

Rep. Blaine Luetkemeyer (R-Missouri), a senior member of the House Financial Services Committee, told a group of bankers they need to “find a way to neuter” Sen. Elizabeth Warren (D-Massachusetts) and called her the "Darth Vader of the financial world."

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What’s Wrong With Dodd-Frank? The GOP Says It Has the Answer

During the debate, Florida Senator and GOP presidential hopeful Marco Rubio called Dodd-Frank an “outrage” that codified too big to fail instead of ending it as it set out to do, or claims to have done. Former Florida Governor Jeb Bush, now competing for the GOP presidential nomination, criticized the “vast overreach” of Dodd-Frank during Tuesday’s debate.

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Democratic Lawmakers Warn of Risks Posed by Repeal of Dodd-Frank Provision

The investigation conducted by the two lawmakers found that repealing Section 716 of Dodd-Frank allows banks to keep nearly $10 trillion in swaps trades on the books that would be “pushed out” to entities that are not insured with taxpayer funds, if not for the Dodd-Frank rollback. Section 716 was intended to prevent taxpayer bailouts of federally-insured banks with risky swap holdings.

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Lawmakers Ask Financial Firms for Information on Data Breaches

Senator Elizabeth Warren (D-Massachusetts) and Congressman Elijah Cummings (D-Maryland) sent letters on Tuesday to 16 financial institutions requesting detailed information regarding data breaches and seeking information about briefings from corporate IT officials, according to an announcement on Warren's web site.

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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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