CFPB's First 100 Days Under Microscope at Hearing

November 2, 2011
MarketWatch 
consumer financial protection bureau news

During a recent U.S. House Financial Services Financial Institutions and Consumer Credit Subcommittee hearing, Republican lawmakers said that the new Consumer Financial Protection Bureau (CFPB) needs additional oversight, but Raj Date, special adviser to the Secretary of the Treasury on the CFPB, defended the bureau's work. He outlined the accomplishments of the agency in its first 100 days, noting that examinations of large banks had begun as well as efforts to clarify mortgage documents and student loans. The bureau also plans to review rules inherited from other agencies to reduce duplication, streamline regulation, and make updates, which Date said could help smaller firms. The CFPB is expected to face additional challenges once it has a director in place, which will enable the agency to supervise nonbank consumer-financial-product providers. However, the White House Nominee Richard Cordray continues to face Republican opposition in the U.S. Senate, as Republicans intend to block any nominee until the agency's structure is changed, including the replacement of the director position with a board. Date reiterated the CFPB's stance that its decisions will be "fact-based, pragmatic, and deliberative."
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`