Federal Reserve Board Did Not Vote on Foreclosure Pact - Letter

June 13, 2013
mortgage lending news

In response to a letter from U.S. Sen. Elizabeth Warren (D-Mass.) requesting information about the end of foreclosure reviews following a $9.3 billion settlement with 13 banks earlier this year, Daniel Tarullo of the Federal Reserve revealed that central bank staff approved the settlement without a formal vote of the board governors. However, in his June 11 response letter, Tarullo said the lack of a vote has no bearing on the settlement and that staff with "delegated approval authority" consulted the board members beforehand. He added that the board of governors generally does not vote on enforcement actions.
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.