Harvard Professor Elizabeth Warren, credited with creating and standing up the Consumer Financial Protection Bureau, officially announced Sept. 14 that she will run for the U.S. Senate.
First came the “joint statement of principles” between the CFPB and the state attorneys general, then there was the controversy over then-CFPB head Elizabeth Warren’s involvement in the 50-state mortgage servicer settlement negotiations lead by Iowa Attorney General Tom Miller.
Unlike the contentious hearings with Elizabeth Warren, the Senate Banking Committee’s exchange with Rich Cordray on Sept. 6 could be called cordial, if anticlimactic.
Go ahead, regulate the competition – that’s the message banking trade groups sent loud and clear to the Consumer Financial Protection Bureau.
Comments submitted during the rule-making process can be made public according to the Consumer Financial Protection Bureau’s Policy on Ex Parte Presentations in Rulemaking Proceedings, made public on Aug. 19.
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.