CFPB Journal staff report – Page 31

The CFPB regulation of checking accounts will change overdraft

Larger banks could see lower earnings from checking account regulation by the Consumer Financial Protection Bureau.

CFPB proposes 26 percent increase in its budget

Richard Cordray, the director of the Consumer Financial Protection Bureau testified before the U.S. House Committee on Financial Services subcommittee on oversight and investigations Feb. 15 about the CFPB’s proposed budget.

CFPB to create community bank panel

The Consumer Financial Protection Bureau will create a community bank advisory panel, Director Richard Cordray told a congressional committee at a hearing on Jan. 31. The panel will advise the director of community banker concerns and on the effects of CFPB actions.

Inside the org chart at the Consumer Financial Protection Bureau

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.

Industry offers constructive feedback early in mortgage form process

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.

Who is the President’s choice to lead the CFPB?

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.

Former Ohio AG nominated to head CFPB

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.

Who’s involved in the Federal Stability Oversight Council

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.

Rules to be transferred to CFPB: A reference guide

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.

Checks and balances for CFPB director

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.