Cordray Describes Focus of CFPB
January 12, 2012 by Marcy
As reported by the Center for Responsible Lending: Nonbank financial firms will become a primary focus for the agency, including money transfer agencies, credit bureaus, and private mortgage lenders given that nearly 20 million Americans use their services and pay about $7.4 billion in fees annually. Cordray noted, “Many subprime loans during the housing bubble were made by nonbank mortgage brokers. Since most of these businesses are not used to any federal oversight, our new supervision...
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CFPB Welcomes Whistleblower Tips
January 11, 2012 by Marcy
The CFPB welcomes, and expressly protects, whistleblowers who have information about possible violations of Federal consumer financial protection laws. Section 1057 of the Dodd-Frank Act protects employees and their representatives from retaliation for reporting on vendors, contractors, and competitors who may have violated these laws. A recent press release advises:
Knowledgeable sources with information about potential violations of Federal consumer financial laws may email their information...
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Core Functions of the new CFPB
July 16, 2011 by Marcy
Again, straight from the new agency’s website, these are the core functions of the CFPB:
The consumer bureau will work to make sure that consumers have the information they need to understand the terms of their agreements with financial companies. It will also work to make regulations and guidance as clear and streamlined as possible so providers of consumer financial products and services can follow the rules on their own.
Congress established the CFPB to protect consumers by carrying...
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The Consumer Financial Protection Bureau Opens this week
July 16, 2011 by Marcy
According to the new agencies website, the consumer bureau will “implement and enforce new protections under the Dodd-Frank Act that will:
Require mortgage lenders to determine that a borrower has the ability to repay a loan by verifying income and making sure borrowers can afford loans even after teaser rates expire and payments rise;
Prohibit prepayment penalties, which can make it expensive to refinance, for high cost loans and adjustable-rate mortgages;
Put an end to practices like...
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CFPB Enforcement Head Named
January 6, 2011 by Marcy
Bloomberg News recently reported that Ohio’s former Attorney General has been named to head enforcement of the new Consumer Financial Protection Bureau. You can read about it here Send article as PDF Read More →
Elizabeth Warren’s Calendar
December 3, 2010 by Marcy
A recent article in the Huffington Post reports on Elizabeth Warren’s response to FIA requests for information about who she’s met with, in setting up the new CFPB, showing that she’s been meeting with key players on all sides of the issues to be regulated, and putting a sock in criticism from Republicans that Warren intends to unravel the banking system.
Shahien Narisipour, HuffPost, reports:
Warren serves as an assistant to Obama and a special adviser to Treasury Secretary Timothy...
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The New Consumer Financial Protection Bureau
October 26, 2010 by Marcy
This new federal agency (the CFPB) is charged with protecting consumers in many of the financial arenas. It now has rule writing authority (which used to be with the Federal Reserve Board), and can enforce and supervise many activities which used to be overseen by other federal agencies.
The Agency will have “an unparalleled opportunity to correct the decades of credit deregulation that led to the current economic crisis and caused untold injury to consumers.” NCLC Reports, Vol....
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