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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.
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.
President Obama has nominated S. Roy Woodall, who recently retired from the Treasury Department as a senior policy analyst, to serve on the Federal Stability Oversight Council (FSOC). Woodall is also a former insurance commissioner for Kentucky and an insurance consultant for the Congressional Research Service.
A little over a week remains for the financial services industry to comment on the “Identification of Enforceable Rules and Orders” that the Consumer Financial Protection Bureau published in the Federal Register on May 31. Comments are due June 30.
In early May, a group of 44 Republican senators sent a letter to President Obama that said they will not confirm any nominee for CFPB director unless structural changes are made.
With a July 21 start date nearing and no director yet in place at the Consumer Financial Protection Bureau, many are wondering what powers the agency will have and what work it will do.
What, exactly, will the Consumer Financial Protection Bureau do, and how will it benefit consumers?
Elizabeth Warren isn’t alone.
Long considered “the” candidate for the position of director of the Consumer Financial Protection Bureau – however challenging it may be to install her in the job – Warren is not the only person under consideration for the position.