Tag Archives: Elizabeth Warren

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.

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.

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.

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.

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.

On Wednesday, Treasury announced its newest appointments for the leadership team of the Office of the General Counsel within 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. Len Kennedy will serve as general counsel, and Meredith Fuchs will serve as principal deputy general counsel. Roberto Gonzalez and Michael Gordon will serve as deputy general counsels.

The new Consumer Financial Protection Bureau established under the Dodd-Frank Act will be working closely with state regulators to supervise mortgage lenders and servicers. The Bureau's implementation team and the Conference of State Bank Supervisors signed a memorandum of understanding Tuesday that establishes a cooperative state and federal effort for the sharing of information related to the supervision and policing of companies that provide consumer financial services.

Last week the Treasury Department released a detailed report of Elizabeth Warren's schedule beginning October 20 when she became the White House advisor for the Consumer Financial Protection Bureau. The calendar confirms a few things: first of all, Warren has been extremely busy.

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.

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.