CFPB Journal staff report – Page 31

CFPB makes progress on effort to simplify RESPA and TILA forms

The Consumer Financial Protection Bureau is proposing changes to Reg X (Real Estate Settlement Procedures Act) and Reg Z (Truth in Lending Act).

CFPB considering options related to CARD Act’s ability to pay provision

The Consumer Financial Protection Bureau is in the process of reviewing public comments submitted in relation to the Bureau’s enforcement of the CARD Act, including its controversial “ability to pay” provision.

CFPB concerned about trends in market for reverse mortgages

Responding to a provision in the Dodd-Frank Act requiring the Consumer Financial Protection Bureau to study reverse mortgages, the CFPB released this report June 28.

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.