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.
At last, a nominee – but still no director in sight. On July 18, just days before the CFPB officially opened for business, President Obama nominated former Ohio Attorney General Richard Cordray to lead the Bureau.
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.
President Obama is nominating Richard Cordray to be director of the Consumer Financial Protection Bureau. Cordray, currently the lead enforcement officer at the CFPB, is a former attorney general for the State of Ohio and he has a reputation as a fierce enforcer of the law against lenders. As A.G., he filed lawsuits against GMAC Mortgage, Merrill Lynch, and loan servicers.
"Starting on July 21, we will be a cop on the beat -- examining banks and protecting consumers," said Elizabeth Warren, Harvard professor and special adviser to the Treasury Secretary, in a July 12 Treasury Department press release. As acting head of the Consumer Financial Protection Bureau, Warren outlined the agency’s big bank supervision approach beginning July 21.
The Consumer Financial Protection Bureau’s proposed mortgage forms are generating just as many comments as they are kudos – from individual lenders, industry trade associations, consumer groups, vendors, and the many others they will impact.