Posts Tagged ‘Neal Wolin’

Senate Committee Sidetracked by CFPB Head Nomination

December 8th, 2011 Comments off

NationalMortgageNews reports a Senate Banking Committee hearing to discuss the work regulators are doing at six different agencies to implement Dodd-Frank became embroiled in an exchange about a seventh agency not in the room. Legislators sparred over the impending vote of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Republicans want structural changes made to the agency, while Democrats blame Republicans for refusing to allow a vote on his nomination. Sen. Richard Shelby, (R-Ala.), asked Deputy Treasury Secretary Neal Wolin if the administration is seriously interested in discussing the issue. Wolin replied, “Well, I think, Senator, what we’re very interested in is the Senate considering Richard Cordray.” Sen. Bob Corker, (R-Tenn.), leveled a charge of political game-playing at Wolin. President Obama said, during a campaign stop in Kansas, “Everyday we go without a consumer watchdog n place is another day what a student, or a senior citizen, or member of our Armed Forces could be tricked into a loan they can’t afford—something that happens all the time.”
(Graphic credit: CFPB)

Mixed signals on Federal role, Fannie and Freddie Future uncertain

August 17th, 2011 Comments off

Deputy_Treasury_Secretary_Neal_Wolin_WSJ.pngTheHill reports a push back from the Treasury Department on an earlier Washington Post report that alleged that President Obama favored a plan retaining a major federal role in the housing finance market. Deputy Treasury Secretary Neal Wolin stated In each of the three options we outlined in our report to Congress, the governments footprint in the housing finance market will shrink substantially.” Wolin added “That’s why, in each of the options, any government support for housing finance will be targeted and limited. This will help ensure that taxpayers are protected and the private sector bears the burden for losses.” Wolin acknowledged that Fannie Mae and Freddie Mac, will play a critical role in supporting the still-fragile housing market.” Wolin claims the administration ultimately wants the government-sponsored enterprises (GSEs) wound down.

(Photo credit: Wall Street Journal)

Treasury Department Defends Dodd-Frank, CFPB

April 20th, 2011 Comments off

HousingWire reports that Neal Wolin, Treasury Department Deputy Secretary, defended the Dodd-Frank Act (Dodd-Frank) against critics, charging that the reforms requiring banks to maintain a larger financial safety net for future crises will delay the current economic recovery.  Wolin said the current system favors short-term gains over long-term stability and growth.  Because buffers were not in place to absorb the shock of the housing crisis, the system ultimately had to rely on taxpayer dollars to bail it out.  Responding to criticism that the Consumer Financial Protection Bureau (CFPB) will have too much independence, Wolin said, “The CFPB’s job is to deter deceptive and abusive practices, promote clear disclosure, and help consumers get the information they need.”