Posts Tagged ‘Elizabeth Warren’

New CFPB Director Fills Staff Positions

January 6th, 2012 Comments off

According to HousingWire, Richard Cordray, the newly-appointed director of the Consumer Financial Protection Bureau (CFPB), chose Raj Date as the agency’s first deputy director. Originally the head of research, markets, and the regulations division, Date took over from CFPB architect Elizabeth Warren as special advisor to Treasury Secretary Timothy Geithner. He has served as the de facto head of CFPB pending Cordray’s appointment, which was effected during the Senate recess this week. Kent Markus, previously chief counsel to Ohio’s governor, was named by Cordray as assistant director of the office of enforcement.

(graphic rcedit: CFPB)

Warren Supports Occupy Wall Street

October 26th, 2011 Comments off

Redstate updates a report MHProNews previously covered on Elizabeth Warren, President Obama’s force behind the Consumer Financial Protection Bureau (CFPB) and current candidate for the U.S. Senate from Massachusetts. Commenting in an article in The Daily Beast about the Occupy Wall Street movement that has spread across the country and four continents, Warren says, “I created much of the intellectual foundation for what they do. I support what they do.” She is not, however, a soak-the-rich Democrat who sees only the excesses of Wall Street. Raised in lower middle-class surroundings in Oklahoma, she is now a commercial law professor at Harvard University. Many of her studies have focused on debt and trying to determine what causes families to go bankrupt. Warren was a Republican until the 1990’s: “I was a Republican because I thought those were the people who best supported markets. I don’t think that is true anymore.” The report cited articles from different publications that depict sexual assault, drug use, anti-Semitic speeches, littering, graffiti, and incitements to violence at Occupy Wall Street protests across the country. In New York, according to Politicology, violent crime has increased because more police have been called away from the hot spots to patrol the protest area. Redstate rhetorically asks, is this what Warren supports?

(Photo credit: Wikimedia)

CFPB tests new disclosure forms rules

September 14th, 2011 Comments off

Origination News reports the Consumer Financial Protection Bureau (CFPB) is continuing to test the new mortgage disclosure forms, this time with actual consumers in Springfield, MA. The agency wants to make certain that consumers understand the differences between two distinct but competing adjustable rate mortgages (ARMs): One that adjusts every three years and a 7/1 ARM. Patricia McCoy, CFPB assistant director for mortgage markets, in requesting public input, suggests consumers think of what additional information they may need in comparing the two forms, and what questions they might ask. With the comment period scheduled to end Sept. 19, McCoy says, ““We want to make sure the disclosure actually helps consumers understand the features of the competing loan products — from the overall loan amount to estimates of taxes and insurance costs.” In a related story, CFPB driver and interim head Elizabeth Warren is planning a run for the U.S. Senate seat now held by Scott Brown, R-Mass.

(Graphic credit CFPB)

CFPB’s Top Cop Picked to Lead Agency

July 18th, 2011 Comments off

Business Insider reports that President Obama has picked former Ohio Attorney General (AG) Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). He became AG in Ohio in 2009 when the previous officeholder had to step down, and garnered some national attention when he went after big banks for sloppy mortgage procedures. After losing his bid for AG in the Republican landslide last year, he was chosen by Elizabeth Warren to be head of enforcement at the CFPB. In response to Republican leaders call for a commission to head the agency instead of one person, Cordary responded that the agency needs to be nimble enough to move quickly without each decision being made by committee, yet maintaining transparency. After his initial appointment to CFPB, he said, “”There’s a belief here that Wall Street is a fixed casino and it’s back in business, and we’re left holding the bag. It’s important for us to show we’ll go after a company that does wrong.” The Senate must confirm his appointment to the five year position.  Sources had told MHMSM late last week that the field to lead CFPB had narrowed to Cordray, Jennifer Granholm – former Governor of Michigan and part of the Obama transition team and Raj Date.  Date was Chairman and Executive Director of the Cambridge Winter Center from its founding through September, 2010, before joining the U.S. Department of the Treasury.

(photo courtesy The Daily Beast)


New Agency Simplifying Mortgage Application

May 18th, 2011 Comments off

HousingWire reports that Elizabeth Warren and the Consumer Financial Protection Bureau (CFPB) unveiled two prototype mortgage disclosure forms intended to add transparency and simplification to consumers’ mortgage shopping process.  Part of CFPB’s Know Before You Owe program, the samples will be tested in six different markets around the country this summer.  Warren, who may be the new agency’s first director, said, “Getting stuck with the wrong loan can cost a family tens of thousands of dollars over the life of the loan.”  She says the new form will allow potential borrowers to determine if they can afford a particular loan, and if they should shop elsewhere.  Meanwhile, the American Bankers Association (ABA) intends to provide its assessment of the new forms.

Bankers Say CFPB Should Be Directed by a Commission

April 6th, 2011 Comments off

HousingWire reports the American Bankers Association (ABA) told the House Financial Services Committee that the new Consumer Financial Protection Bureau (CFPB) needs the checks and balances of a commission to head the massive agency instead of just the director.  Speaking for the ABA, Leslie Anderson, of Bennington Bank in Nebraska, said a commission would provide a broadened perspective when making decisions that concern the entire mortgage market.  She also says consumer protection should be within the same agency as financial institutions.  “It is an inescapable fact that fair service to our banking customers is inseparable from sound management of our banking business,” noted Anderson.  Her concern is that regulators in the past did not provide sufficient oversight concerning non-bank financial institutions.  Elizabeth Warren, the anticipated director of CFPB, told Bloomberg News the agency will be transparent like other government agencies.  Rep. Spencer Bachus (R.Ala.) introduced a bill to make the director a commission instead of a single individual.

CFPB Set to Support Smaller Financial Institutions

March 22nd, 2011 Comments off reports Elizabeth Warren telling the Independent Community Bankers Association that the new Consumer Financial Protection Bureau (CFPB) will reduce regulatory costs for smaller financial institutions.  Warren, the builder of the CFPB and likely first director, said the first order of business will be to combine the Trust in Lending and Fairness Act disclosure document with the Real Estate Settlement and Procedures Act disclosure document.  “I know that you want a regulatory structure that doesn’t require an army of lawyers,” she said.  “Big banks may be able to afford to hire all those lawyers, but you cannot.”  Meanwhile, House Financial Services Committee Chairman Spencer Bachus (R-Ala), introduced legislation for a commission to run the new agency, instead of a single director, as a means to soften the CFPB’s powers.

Maine Exec Asks Regulators to Understand MH Issues

January 17th, 2011 Comments off
Tinamarie Smith, president of the Manufactured Housing Association of Maine shared a letter with she wrote in preparation for a meeting January 12th with Senator Olympia Snowe and Professor Elizabeth Warren, who is tasked with establishing the new Consumer Financial Protection Bureau (CFPB). The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and will have authority to regulate and enforce consumer finance laws, review financial institutions’ business practices, and promote openness and clarity for consumers in financial matters. At the meeting, Smith outlined the current plight of the industry and asked that regulators understand the unique product and its role in providing affordable housing. “We urge you to hire the staff at the Bureau of Consumer Financial Protection that will ultimately regulate us that are knowledgeable in our product and its inherent issues and assets,” Smith wrote. “We now face a dire lack of available credit within the manufactured housing market, with provisions from the Dodd-Frank Act that will actually increase the costs of low and moderate income families who rely on manufactured housing as an affordable housing option—sometimes the only homeownership option available will now not exist.” Smith says Senator Snowe was helpful in arranging the meeting and made it a point to provide time to voice manufactured housing issues. “She specifically addressed me and asked me questions about the paper that I had handed to her and I think it went very well,” Smith says. Some 40 representatives of the business community in Maine attended the meeting. The CFPB is slated to officially begin its enforcement and oversight role on July 21, 2011.