Bankers may not be squaring off against Wal-Mart in regard to the Consumer Financial Protection Bureau, but they will be watching to see how and when the retailer will fall under the Bureau’s oversight.
“Piecemeal regulation” under Dodd-Frank is, and will continue to be, so costly and unsustainable that community banks must examine whether they can continue to offer certain products and services – particularly in the mortgage lending area.
Is Elizabeth Warren still considering a Senate run? That’s the question pundits are asking as the former de facto head of the Consumer Financial Protection Bureau returns to Harvard Law School.
Comments are due Wednesday, August 10, for Round 3 of the CFPB’s “Know Before You Owe” project, the result of which will be a new, combined Truth in Lending/RESPA mortgage disclosure form.
Richard Cordray’s confirmation hearing has been postponed until Sept. 6, and until then House Republicans plan to hold pro forma sessions to prevent President Obama from naming Cordray the CFPB director via a recess appointment.
The CFPB has published for public comment an interim final rule regarding the Alternative Mortgage Transaction Parity Act (AMTPA). Public comments on the rule are due Sept. 22, 2011.
Representatives from the two largest trade associations representing the banking industry recently testified before Congress expressing concerns about the Consumer Financial Protection Bureau.
Elizabeth Warren has left her post at the CFPB, and Raj Date has taken her place leading the agency as the U.S. Treasury’s special adviser until a director is confirmed.
Industry experts have not been shy about sharing input with the CFPB about their proposed new combined Truth in Lending/RESPA mortgage disclosure form. Round 1 (which included the Ficus and Pecan forms) drew some 13,000 responses. The CFPB analyzed where the responses came from by ZIP code and generated a heat map to measure where users clicked on the forms the most.
Given that only a basic CFPB organizational chart – without names – exists on the agency’s web site, CFPB Journal did some digging to offer a more thorough look at the other leaders and staff members who will shape the bureau going forward.